CTP Update from CMD in Germany NRW region

CTP kicked off its 2-day CMD that started with a management presentations in Wuppertal. A press release at 8h00 increased its 2030 GLA ambition to 30m sqm (was 20m). That implies an average addition of about 3m sqm annually. The statement refers to a 10-15% organic growth mainly from existing parks. CTP also narrowed the range of completions for FY25 from 1.2-1.7m sqm to 1.3-1.6m. The completions range for FY26 was set at 1.4-1.7m sqm. The EPRA EPS25 guidance was confirmed at 0.86 to 0.88 range. The first day will present about 8 presentations in the morning and site visits in the afternoon. There will be a focus on brownfields, a theme that we also highlighted as an opportunity to grow in a country with tight land availability. The ambition of CTP clearly will not cool any time soon. We maintain a target price at a 10% premium to NTA (19.36) as long as there are no signs that CTP has trouble reaching 80-90% pre-let on completion.