Netherlands-registered logistics property company CTP N.V. (CTP) has grown consistently over the past five years and its portfolio gross asset value (GAV) has increased significantly to €17.1 billion (€14.1 billion excluding development and land banks) as of June 30, 2025 from €5.9 billion on Dec. 31, 2020. This growth has been underpinned by a strategy of developing and maintaining high-quality, modern logistics assets across Europe, improving CTP's geographic and asset diversity and this compares well with other 'BBB' rated peers. We understand that CTP will continue to expand its rental income and cash flow base through planned project deliveries while maintaining its financial policy with loan-to-value (LTV) of 40%-45% translating to S&P Global Ratings-adjusted debt to debt plus equity of
