European industrial property developer CTP has launched construction of CTPark Belgrade Borča, a planned €150 million industrial and logistics complex covering approximately 40 hectares. The development is designed to include 15 buildings and more than 222,700 square metres of commercial space, potentially making it Serbia’s largest industrial and logistics park upon completion.
The project’s first identified tenant is MD International (MDI), a Serbian logistics company controlled by Hungary’s Waberer’s Group. CTP’s construction announcement confirmed an initial 10,000-square-metre leasing agreement, while the company’s Serbia business development director, Petar Kolognat, disclosed the planned investment in an interview with eKapija. No timetable has been provided for completion of the entire complex.
Borča represents a move towards larger, multi-tenant industrial property platforms serving manufacturers, distributors, retailers and logistics providers, rather than developments built exclusively for individual foreign manufacturers.
Waberer’s Plans to Expand Serbian Warehousing Capacity
MDI expects to occupy a purpose-built 10,000-square-metre facility at Borča from the first quarter of 2027, with an option to expand into 20,000 square metres. Waberer’s acquired a majority stake in MDI in 2023 as part of its expansion in the Serbian distribution market.
The Borča agreement forms part of a wider restructuring of MDI’s logistics infrastructure. Waberer’s previously announced plans to move warehousing operations into an 8,000-square-metre facility at CTPark Belgrade City during the fourth quarter of 2026.
The facilities are intended to expand storage capacity, improve distribution efficiency and support the development of third-party logistics services. For Waberer’s, the investments also integrate its Serbian operations into a wider Central and Southeast European network.
CTP gains an established initial occupier for Borča, although the identified 10,000-square-metre agreement represents approximately 4.5% of the park’s planned leasable area.
CTP management previously said that 20,000 square metres had been pre-leased. Its construction announcement separately identified MDI’s initial agreement and the option to expand to 20,000 square metres. Public announcements do not clarify whether other firm leasing agreements account for the difference, leaving signed commitments, expansion options and prospective negotiations to be distinguished when assessing the project’s commercial position.
Development Costs and Rental Income
The planned €150 million investment equates to approximately €674 per square metre of planned leasable space, assuming the estimate covers the entire development. Actual costs will depend on infrastructure requirements, building specifications, financing expenses, tenant needs and the pace of construction.
CTP has not publicly disclosed the project’s financing structure or the amount of capital already committed.
Research by Cushman & Wakefield put standard industrial and logistics rents in Belgrade at €4–€6 per square metre per month in 2025, with higher rates possible for highly customised facilities. Applying that range to all 222,700 square metres at full occupancy would imply annual gross rental income of approximately €10.7 million to €16 million.
This is an illustrative calculation, not a CTP revenue forecast, and excludes vacancies, rental incentives, operating expenses and differences between building types.
Cushman & Wakefield also estimated prime investment yields for modern logistics facilities in the Belgrade region at approximately 7.5% at the end of 2025. The relationship between development expenditure, achievable rents and the completed park’s stabilised value will be important to its long-term performance. CTP’s long-term ownership model allows construction to be phased in line with demand. However, the scale of the investment makes the timing and volume of tenant commitments important factors in its financial returns.
Industrial Leasing Activity Declined in 2025
The development comes as Serbia’s industrial property market faces a significant test of demand. Cushman & Wakefield reported that industrial leasing activity across the country fell by approximately 31% in 2025, to around 158,000 square metres. In Belgrade and its surrounding industrial zones, take-up declined by approximately 50%, reaching 82,500 square metres.
The planned Borča park’s total area is more than twice the volume of industrial space leased across the wider Belgrade market during 2025. The comparison does not mean the entire complex will be delivered at once, as construction is expected to take place in phases, but it highlights the volume of future demand required to support the development.
Demand for modern facilities can differ from that for older warehouses. Distribution operators increasingly require greater storage capacity, automated inventory systems, energy-efficient buildings, improved vehicle access and facilities designed for faster delivery operations.
CTP also plans to introduce its CTBox and CTFlex formats in Serbia alongside larger industrial buildings. These smaller, flexible units are intended for uses including storage, light assembly, servicing, showrooms and distribution, potentially broadening the tenant base to include smaller industrial businesses and service providers.
Borča Location and Infrastructure Requirements
Located approximately 10 kilometres from central Belgrade, Borča could strengthen the capital’s eastern and northeastern logistics network. Existing industrial developments have been concentrated heavily along western and northern corridors, including Šimanovci, Pećinci and Stara Pazova.
CTP has identified the planned Novi Sad–Zrenjanin–Belgrade highway connection as a potential advantage for the site. The scale of that benefit will depend on road construction, interchange access and the timing of infrastructure completion. Road congestion, delivery distances, labour availability and vehicle turnaround times will affect operating costs for tenants. CTP estimates that approximately 300,000 people live within seven to ten kilometres of the site, providing a potential recruitment base for warehouse workers, forklift operators, drivers, maintenance staff and logistics managers.
The development will also require adequate electricity supply, wastewater management, drainage, road capacity and municipal infrastructure. CTP has said the buildings will target BREEAM environmental certification, with roofs designed to accommodate solar installations. The resulting energy savings will depend on final building specifications, consumption levels and whether solar systems are installed.
CTP Expands Its Serbian Industrial Property Portfolio
Borča adds to CTP’s existing portfolio in Belgrade, Novi Sad, Niš and other Serbian industrial locations. The developer has also announced construction of a 34,000-square-metre building in Kragujevac, alongside further development preparations in Niš and Novi Sad.
The strategy reflects growing institutional interest in industrial property as a long-term investment asset. Potential tenants include international distributors, domestic manufacturers, e-commerce businesses, pharmaceutical logistics operators and companies reorganising supply chains between the European Union and Southeast Europe.
For Serbia, additional modern logistics capacity could support distribution efficiency, industrial exports and access to facilities for smaller companies that cannot economically develop their own warehouses. The investment nevertheless remains exposed to industrial demand, construction costs, financing conditions, competition from other logistics parks and tenants’ ability to sustain rents that justify new development.
