Clifford Chance

Clifford Chance advises on the largest Real Estate IPO in Europe since 2014, the EUR 854 million offering and Euronext Amsterdam listing of shares of CTP

Leading international law firm Clifford Chance advised the syndicate of banks (Erste Group, Goldman Sachs, Morgan Stanley, Kempen & Co UBS, ING and Raiffeisen Bank) on the offering and listing on Euronext Amsterdam of shares of logistics parks owner and operator CTP N.V..

CTP N.V. operates a portfolio of 68 industrial parks and two office parks strategically located adjacent to capital or major cities and major transportation infrastructure in Central and Eastern Europe, making it the largest full-service owner-developer of prime industrial and logistics property in the CEE region and among the five largest logistics property companies in Europe based on GLA. 

Based on the offer price, the implied market capitalization of CTP N.V. is EUR 5.6 billion. The total value of the offering amounts to EUR 854 million (excluding the exercise of the over-allotment option). The proceeds will be used by CTP N.V. for financing development projects and related construction activities, for potential property acquisitions and for debt repayment.

A cross-border team advised on the deal, co-led by UK ECM Partner Christopher Roe, US Securities Partner Alex Bafi and Dutch ECM Senior Counsel Han Teerink, with key contributions from senior associates Ryan Bosch in Paris and James Koessler in London. Key support was provided by partners Miloš Felgr and Emil Holub from Prague. The team further consisted of Amelia Chammas and Mathias Toubiana in London, Serkan Özel and Magdalena Kučko in Amsterdam.

This transaction builds on Clifford Chance's leading EMEA capital markets practice, having recently advised on many of the largest European equity listings, including InPost (Europe's largest ever tech IPO), The Hut Group (the largest IPO on the LSE in 2020), Allegro (Warsaw Stock Exchange's largest IPO and EMEA IPO of the year at IFR Awards 2020) and JDE Peet's (Europe's largest IPO in 2020). The Clifford Chance team has also advised in recent years on the European IPOs of Adyen (IFLR Equity Deal of the Year 2019) and Network International (IFR EMEA IPO of the Year 2019 and the largest IPO on the LSE in 2019).