CTP has agreed to a €155 million ($163 million) deal to acquire an industrial site spanning more than 830,000 square meters (8.9 million square feet) in Düsseldorf, North Rhine-Westphalia, Germany, from Vallourec, a manufacturer of pipe systems.
The acquisition, which is the largest single land plot CTP has ever acquired, will see CTP invest more than €700 million ($735 million) to transform the inner-city site into a best-in-class multiuser business park catering to a wide range of industries, including manufacturing, research and development, and logistics.
The project is aligned with CTP’s strategy to develop as sustainably and resource-efficiently as possible by prioritizing brownfield areas for redevelopment. The German market is experiencing strong demand for high-quality, sustainable and amenity-rich industrial and logistics parks amid growth in new sectors, such as semiconductor and cleantech, and rising demand from occupiers for more sustainable buildin
