Key Takeaways
- • CTP N.V., Europe's largest listed developer, owner, and operator of logistics and industrial real estate, has agreed terms to acquire 100% of the South-East Asia Logistics Partners (SLP) portfolio and operating platform in Vietnam for approximately US$500 million from Ares Management Corporation.
- • The proposed deal adds seven standing assets totalling 504,000 sqm NLA, generating over US$23 million of stabilised annual NOI, plus six development sites with potential for around 585,000 sqm NLA, taking the portfolio to roughly 1.1 million sqm.
- • Construction has begun on two development sites delivering 140,000 sqm of Grade A space, with the full pipeline expected to add US$33.8 million of annual NOI once complete.
- • The portfolio is 59% northern Vietnam (Hanoi, Bac Ninh, Hai Phong) and 41% southern (Ho Chi Minh City), with tenants including J&T Express, Shopee Express and Nippon Express, and over 55 employees transferring to CTP.
- • Completion is subject to regulatory approvals and is expected in the coming months, marking CTP's first major step toward becoming a global industrial and logistics business.
Summary
CTP N.V. announced it has agreed terms to acquire 100% of the South-East Asia Logistics Partners ("SLP") portfolio and operating platform in Vietnam for approximately US$500 million, according to a Business Wire regulatory news release. SLP is owned by global alternative investment manager Ares Management Corporation. The company said the transaction will accelerate its global expansion into Asia, giving it immediate scale, a material development pipeline and a regional network in Asia.
The proposed acquisition comprises seven standing assets totalling 504,000 sqm of net lettable area, completed between 2022 and 2024 and generating over US$23 million of stabilised annual net operating income. Six additional sites offer potential for around 585,000 sqm, with construction already started on two of them to deliver 140,000 sqm of Grade A industrial and logistics space. The full development pipeline is expected to contribute an additional US$33.8 million of annual NOI. Upon completion, the portfolio would total approximately 1.1 million sqm.
The portfolio includes established clients such as J&T Express, Shopee Express and Nippon Express, along with a leasing network in China. Geographically, 59% of assets sit in northern Vietnam, serving manufacturing clusters around Hanoi, Bac Ninh and Hai Phong, while 41% are in the south, near Ho Chi Minh City. More than 55 employees across development, leasing, asset and property management will transfer to CTP.
CEO Remon Vos said Vietnam's manufacturing base, cost structure, infrastructure, governance and political stability mirror the attributes behind CTP's success in Central and Eastern Europe, and that many clients are seeking production expansion beyond China under China Plus One strategies. CIO Maarten Otte described the deal as consistent with the company's capital allocation strategy focused on strong cashflow and risk-adjusted returns. CTP entered Vietnam in early 2026 through the purchase of two development sites with potential for around 210,000 sqm, and the local team will continue under the SLP brand.
The company cited Vietnam's GDP growth of 8.0% in 2025, annual FDI of approximately US$40 billion, and a population of about 100 million. Completion remains subject to agreed conditions, including regulatory approvals, and is expected in the coming months.
The proposed acquisition comprises seven standing assets totalling 504,000 sqm of net lettable area, completed between 2022 and 2024 and generating over US$23 million of stabilised annual net operating income. Six additional sites offer potential for around 585,000 sqm, with construction already started on two of them to deliver 140,000 sqm of Grade A industrial and logistics space. The full development pipeline is expected to contribute an additional US$33.8 million of annual NOI. Upon completion, the portfolio would total approximately 1.1 million sqm.
The portfolio includes established clients such as J&T Express, Shopee Express and Nippon Express, along with a leasing network in China. Geographically, 59% of assets sit in northern Vietnam, serving manufacturing clusters around Hanoi, Bac Ninh and Hai Phong, while 41% are in the south, near Ho Chi Minh City. More than 55 employees across development, leasing, asset and property management will transfer to CTP.
CEO Remon Vos said Vietnam's manufacturing base, cost structure, infrastructure, governance and political stability mirror the attributes behind CTP's success in Central and Eastern Europe, and that many clients are seeking production expansion beyond China under China Plus One strategies. CIO Maarten Otte described the deal as consistent with the company's capital allocation strategy focused on strong cashflow and risk-adjusted returns. CTP entered Vietnam in early 2026 through the purchase of two development sites with potential for around 210,000 sqm, and the local team will continue under the SLP brand.
The company cited Vietnam's GDP growth of 8.0% in 2025, annual FDI of approximately US$40 billion, and a population of about 100 million. Completion remains subject to agreed conditions, including regulatory approvals, and is expected in the coming months.
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