Industrial and logistics properties developer CTP has finalised a €155m ($162.8m) deal with Vallourec, a pipe systems manufacturer, to acquire an industrial site in Düsseldorf, North Rhine-Westphalia, Germany.

The site covers more than 830,000m² of area.

CTP plans to invest more than €700m to develop the inner-city location into a multiuser business park, CTPark Düsseldorf, catering to diverse industries such as manufacturing, research and development, and logistics.

The park will offer a variety of facilities ranging from 1,000m² to 30,000m² within an urban business park environment.

The site's strategic location in the Rath district of Düsseldorf offers connectivity to local transport networks and proximity to the city centre.

CTPark Düsseldorf is claimed to be envisioned to support the next generation of businesses that are pivotal to Germany's economic transformation.

Previously home to one of Vallourec's main tube production operations in Germany, the site's redevelopment is planned with the acquisition set to complete on 31 December 2025.

Initial enabling work is expected to commence in 2025.

CTP Germany & Austria managing director Alexander Hund said: “This acquisition in Düsseldorf marks the highlight of our activities this year. It will be our largest and most extensive revitalisation project in Germany to date, once again demonstrating our expertise in brownfield redevelopment. Our Parkmaker Concept and decades of international experience form the foundation for this endeavour.”

The project is expected to bolster CTP’s portfolio with sustainable and resource-efficient developments.

The German market's strong demand for high-quality, sustainable industrial and logistics parks is driven by growth in sectors such as semiconductors and clean-tech, as well as occupiers' needs to meet their own environmental, social, and governance goals.

This acquisition follows a previous transaction between CTP and Vallourec in December 2023, involving a 335,000m² site in Mülheim an der Ruhr, Germany.