Tuesday, February 15, 2022

Rough notes on CTP Central Trade Park

https://nl.wikipedia.org/wiki/Central_Trade_Park 
2014:
From concept to completion, permitting, design etc. 9 months to build. Relationship with local governments. Buying neighboring land plots "landbank" 
Different customer modules CTBox, CTOffice, etc. Plug and play. 
2 m sq. m2 (Gross Lettable Land? GLA) in 2014 
8-10% growth per year
2022 10m m2 GLA landbank 16,3m m2 
Yield on Cost 11%  Green bond EUR 1b at 1,9% 
EPS EPRA EUR 0,5 2021 
NAV EUR 9,- per share
Stock price EUR 16, -

Bought Deutsche Industrie REIT on stock market for EUR 800m well under replacement cost? (why was the share price so low?) accretive for earnings right away. 

Results on March 9th. 
EPRA net tangible assets per share2021 €12.06  2020           €8.3245%

Conclusion: Seems like an intelligent founder led organisation that understands their business.  


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