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Aareal refinances two CTP Czech parks with €403m loan

Wiesbaden-based Aareal Bank is providing property developer CTP with a €403.5 million, 10-year refinancing facility for two logistics and industrial parks in the Czech Republic.

Aareal Bank acted as mandated lead arranger, sole lender as well as facility and security agent. After the deal closed, the bank syndicated the loan among pbb Deutsche Pfandbriefbank and several German insurance companies.

CTP, one of the largest logistics developers in the CEE, will use the facility to refinance the two parks in Bor (pictured) near the Czech-German border and near Brno, the country’s second-largest city. Together the parks comprise a total of 32 properties.

Zdeněk Raus, Group Treasurer at CTP Czech Republic said obtaining the facility, “aligns with our strategy to consolidate and diversify our lender base, while improving loan terms and our overall financial stability.”

Christof Winkelmann, member of the management board at Aareal Bank, said the deal expands the bank’s geographical coverage. He added: “The logistics property segment not only offers stability in economically challenging times, but also provides sound development potential. It was this combination that helped us attract pbb Deutsche Pfandbriefbank and German insurance companies as first-class post-closing syndicate partners.”

CTP Group’s core portfolio consists of 6 million sq m in over 100 locations in Czech Republic, Slovakia, Hungary, Serbia, Romania, and Poland.