Good morning from Prague here at CTP NV headquarters. Thank you for joining and for dialing in with some good news. So far, Q1 has been a bit bumpy and a bit interesting, I would say, for CTP, for our clients. The markets have seen a lot of change and opportunity, which we like at CTP. We are an entrepreneurial property company, very dynamic and ready to make quick decisions with money in hand so that the market where we are currently definitely is an interesting market and circumstances which we will do our very best to benefit from. It's about, I think, de-globalization. It's about nearshoring. It's about bringing production to the markets where your clients are. With 450 million consumers in Europe, we see a lot of companies coming to Europe to set up business, to grow their business.
That's what we have been doing for the past more than two decades. So to help companies set up business and grow their business in Central Europe for the European market. Nowadays we see Asian companies coming in. I've just returned back from another trip to Asia to visit our clients who are bringing more business to Europe for the European market, as explained. Multiple reasons. Decarbonization, tariffs is an issue, geopolitical circumstances. So there are lots of reasons why to bring production or e-commerce activities to Europe for European markets going forward. Different industries, automotive still very interesting, e-commerce obviously, technology, the electronics sector, AI-driven maybe push, but also data center and not necessarily us building data centers, but many of our clients somehow involved in the data center industry, especially Taiwanese when I refer to the Asian clients.
So a lot of change going on and definitely interesting for us to be part of. With regards to business, so far Q1 has been good. Back to Asia, it's around 20% of our new business. We still do a lot of business with existing clients, as you know. That is still the largest driver at CTP. So business we do for existing clients who came over, who started to work with CTP and then continue to grow. Maybe also because we offer small, medium-sized properties to help them get started. And then when they need more, we can offer them a larger building, sometimes within the same park.
We can do an extension, or also we see that we do for existing clients, property solutions in different parts of the portfolio, which we are currently in 10 markets and looking at other markets to open up as well. We did sign 416,000 sq m of leases during Q1 of 2025, and 416,000 sq m is almost 25% up compared to last year, so we've done more leases. We signed more leases. I think more importantly, also we continue to collect more euros per sq m per month. We continue to see rental growth around 3% more than we got for the same sq m a year ago. Before I mentioned nearshoring, one of the drivers. We'll also see large fashion retailers who continue to grow footprint. I mentioned fashion retailers the other day, but there's also pet food. Yeah. Europeans, they love pets.
They have rabbits and donkeys, and pet food is just a great industry to be part of. We do that as well, and also pharmaceutical. We have seen many of our clients grow their business. That's all, of course, also to do with the consumer spending, which is just growing in Central European countries because people make more money, so that's what we do as well. Defense industry, we see consumer electronics. We see, yes, it's very diverse, actually. We have so many different clients, multinationals or SMEs in different businesses, so not overexposed to one industry or one specific client, but rather diversify. Tenants are happy, and that's very important. We are almost 1,000 people here at CTP, and I always say, keep your clients happy. Make sure that they can do their business.
If they do their business, if they're successful, they will come to you for more space, or maybe they will talk to you with their suppliers, with their friends, and then through them you can get more business. That is number one. Talk to your clients and make sure clients are happy. Buildings are in excellent condition, and that's the target. Retention rate 90%, nine zero. The park model continues to be successful, growing with existing tenants, offering new tenants attractive locations. We've obviously the concept and the model of having these CTPark projects with CTP people on site in the parks, look after the buildings, look after tenants, close to where the action is, stay connected to the core business.
Especially nowadays when we see CTP growing, it's very important to, you know, stay and stick to the core business and create micro teams so they can actually focus on the business going forward. Yeah. Maybe break it down, operator. You know, our business is responsible for the income producing part. Stable occupancy 93%, around 93%. WALT six and a half years. And together is 13.4 million sq m of lettable area. And that is good for EUR 750 million of rental income with more than 1,500 different clients and tenants from all kinds of different industries in those buildings. That's for the operator. Jump to the developer, in-house construction company. Very passionate about building new buildings. And we continue to do, prepare a lot of projects and do a lot of innovations, making buildings better, new buildings, but also the existing buildings.
Continue to invest, make sure that these are in excellent condition. We see lots of opportunities to do better, yeah, also to create parks with more amenities, and services and of course utilities on site at 10% yield on cost, as we've been doing. Big thank you to the team of in-house design procurement, all of the people involved in the construction management, to build good quality properties to last, generic designed. Q1 in terms of deliveries has been quite small, below a hundred thousand sq m, but we still have a 1.9 million sq m under construction for most of that. I think we can complete this year. Almost 80% of the 1.9 million sq m under construction is within existing business parks.
When we started with a park, we bought land. We do a nice master plan, we start to build infrastructure and one after the other building is being built. Then we have more land to go with zoning, with permits, with infrastructure and utilities to build on those land plots, for the same company or for other companies and to continue to build larger business parks. That's 80% of all what we have on the construction. Benefit is that we know the location, know the authorities, we have infrastructure. Limited risk, we can start a development and then see how we can lease it up and then complete the building on time. When this 1.9 million sq m is completed, we think it will produce another EUR 148 million of rental income. We think we do that north of 10% yield on cost.
Yeah, we think that by end of this year, Q1 into next year, most of that will be leased and will become part of the portfolio and then will be transferred to the operator. Poland, good demand, largest country can be very competitive. We got a whole lot of a few very nice sites there where we can do nice projects for good clients. Yeah, so overall, quite satisfied with what we see in Poland, the engine of Central Europe. If Central Europe is the engine of Europe, then within Central Europe, Poland definitely a large opportunity. We are moving on in Germany. As you remember, we bought some land sites, so two things in Germany. One is the Deutsche Industrie. That's the portfolio of properties we bought, 100 buildings. We are working on the clients, make sure buildings are in good condition.
We need to invest here and there, but in return we get rental growth. At the same time, the future of CTP Germany is much more to develop, and we have been very lucky, I think, that we have got a hold of a couple of land sites: Düsseldorf, Mülheim, also Stuttgart, Rastatt, et cetera, Krefeld, where we are currently either under construction or preparing for construction next year, and we are quite advanced at the same time doing the leasing, so it's a mix of SMEs or small business units, huh, let's say 450 sq m, 500 sq m, maybe 1,000 sq m, 800, 800 square meters as well below 1,000 sq m with a loading dock in a good location in the city center, close to the city center, in most locations as Rastatt, Krefeld, those locations are referred to, but then also you have larger sites, Mülheim, Düsseldorf.
Mülheim will start construction next year. I think Düsseldorf is going to take a bit longer, but we have the full support of the city of Düsseldorf as well. So, yeah, a lot of opportunity. I continue to visit Germany every week. The management team has grown a lot and, in terms of responsibility, where we want to go with CTP Germany for the coming years. And we have a nice business plan for 2020-2030. So that looks good. So overall, quite positive and maybe a bit better than, yeah, you would expect. Seems to be good demand in Europe for Europe. And then definitely CTP with our activities in Central Europe with the strong client base we have with all of the local knowledge. I think we are in a good position.
Thank you very much for your attention. I will be available for any questions if you have later on. I will now hand over to Maarten. Thank you. Moving on to the financial highlights. The Like-for-Like rental growth came to 4.2% in Q1 2025, driven by indexation and strong rental reversion. Occupancy remained stable at 93%. Our gross rental income increased by 15.9% YoY to EUR 182.5 million. Net rental income went up by 16.8% YoY as we reduced the service charge leakage further. Consequently, the annualized NRI to GRI ratio came to 98.3%. Annualized rental income increased to EUR 748 million, illustrating the strong cash flow generation of our portfolio. We confirm our target to reach an annualized rental income of EUR 1 billion by 2027.
The company specific adjusted EPRA earnings per share increased 6.9% YoY to EUR 0.21 on track to reach our guidance for 2025. As highlighted with the 2024 results, we did a material amount of refinancing in 2024, so we repriced the vast majority of our debt stack. This results in a slight headwind for the 2025 EPS, but we expect to return to double digit EPS growth from 2026 onwards. Now looking at the valuation results for the Q1 and Q3 results, only investment properties and developments are revalued. In Q1 2025, the revaluation amounts to EUR 156.2 million, driven by the construction and leasing progress on our development. Our total gross assets value now stands at EUR 16.3 billion, up 2.3% in Q1 2025 and 16.7% YoY . CTP's reversionary yield stands at a conservative 7.1%.
We saw the first yield compression in the second half of last year, and we expect both further yield compression in 2025 as well as positive ERV growth for the CEE region. In most CEE markets, inflation-resistant real rents remain lower than 15 years ago, illustrating the affordability of the region for our tenants as well as the midterm rental growth potential. This is also illustrated by the new leases that we signed in Q1 2025, which were 3% higher than the new leases signed in Q1 2024. We also saw transaction markets reopening across Europe as there is more clarity around funding cost. Especially on the private equity side, its funds coming to their maturity, we expect to see more churn. This will further support our valuations, but as well offer opportunities for us.
Our EPRA Net Tangible Assets per share increased from EUR 18.08 at year-end 2024 to EUR 18.58 at quarter-end, representing an increase of 2.8%. YoY , the increase was 12.6%. With this NTA growth and our dividend, we delivered a total accounting return of 16% in the last 12 months to our shareholders. Now I hand over to Richard.
In Q1 2025, we raised EUR 1.2 billion of debt to further improve our liquidity position. We issued EUR 1 billion of bonds directly after our full year 2024 results, seizing the market opportunity ahead of the tariff announcements and the subsequent market turmoil. In addition, we closed our inaugural Samurai loan of JPY 30 billion, the equivalent of EUR 185 million. Diversifying the sources of our funding is one of our main priorities.
We transformed CTP from a purely EUR senior secured financing structure in 2020 to now having a largely unsecured financing structure, and we did this through bonds, private placements, unsecured syndicated bank loans consistent with our stable investment grade rating. Adding the Japanese yen market to our funding mix further improves our position as the Japanese yen market, which is the world's third largest lending market after US dollars and euros, is competitive at different times than the euro market. We continue to actively manage the loan portfolio in Q1 2025 and negotiated margin reductions on a further EUR 159 million of secured bank loans. In total, we have renegotiated or repaid over EUR 1.1 billion of our most expensive bank loans in recent months. Our cash position stands at EUR 1.8 billion.
When including our RCF, our liquidity position amounts to EUR 3.1 billion, more than sufficient to meet our cash needs for the next 12 months. The average maturity of our debt stands at 5.1 years, with only EUR 547 million of debt maturities in 2025. At the end of the quarter, CTP's average cost of debt came to 2.9%, slightly down compared to year end 2024, as the renegotiated secured loans with lower margins reduced our funding cost from Q1. Our marginal cost of funding is currently around 4% for five year money. Thanks to our strong cash generating portfolio, we have a healthy interest coverage ratio of 2.5 times, while our normalized net debt to EBITDA remains stable at 9.1 times.
As shown during our last capital markets day, thanks to our market-leading development yield on cost of over 10%, each euro we invest in our pipeline increases our ICR and decreases our net debt to EBITDA. Our loan-to-value stands at 45.3%, stable from year-end 2024. We are confident in the outlook for CTP. Our leasing remains strong. We see nearshoring speeding up in many industries, with production in Europe for Europe continuing to drive demand. Our pipeline is highly profitable and our growth is tenant-led. Thanks to our industry-leading yield on cost of over 10%, we're able to deliver sustainable and profitable organic growth while maintaining our strong financial position. We confirm our EPS guidance of EUR 0.86-EUR 0.88 for 2025, representing an 8%-10% growth compared to 2024.
We expect to deliver 1.2 million-1.7 million sq m of developments this year, in line with our long-term growth targets. Thank you for your attention. We now welcome your questions.