CTP names new CFO and head of research as it books solid H1 earnings

Logistics owner, developer and manager CTP has appointed a new chief financial officer (CFO) and head of research as it gains further scale across Europe.

The group has named Patrick Zehetmayr as its new CFO, taking over from Richard Wilkinson who will now focus on his previous dual role as deputy CEO, primarily overseeing CTP’s business in Central and Eastern European markets.

Zehetmayr joins from Austria’s Erste Group Bank in Vienna, where he headed the commercial real estate division.  He brings over 20 years of experience in Central and Eastern European markets, covering all aspects of property financing, controlling, financial reporting, treasury and funding.

CTP has also appointed Dirk Sosef as head of research. He was previously research and strategy vice president for Prologis Europe, part of the world’s largest industrial REIT, where he was responsible for all Prologis’ market research and communications in Europe.

The appointments were announced together with CTP’s first-half earnings results, which reveal strong income growth and a robust operational performance across the group’s portfolio.

CTP said active asset management resulted in 4.3% like-for-like rental growth across its investment portfolio over the period.

Net rental income was up by 32% to €211.5 mln compared with H1 2021, supported by new rent arising from development completions, acquisitions of income-producing assets and active asset management. Profit after tax was up by 160% at €490.2 mln compared with the year-earlier period.

CTP said 1.4 million m2 of development projects are currently under construction at a yield on cost of 10%, of which 47% are pre-let, securing €37 mln of contracted rent.

Commenting on the outlook for H2, CEO Remon Vos said: ‘CTP enters the second half of 2022 well positioned to navigate economic headwinds, and ready to continue the disciplined execution of its strategy, underpinned by its high-quality income producing investment portfolio and solid capital structure, which have delivered excellent results in the first six months of the year.’

CTP is one of Continental Europe’s largest owner, developer and manager of logistics and industrial real estate by gross lettable area, owning over 9.5 million m2 of space across 10 countries.

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