CTP agrees to acquire Vietnamese logistics platform SLP for around $500 million
The logistics property company has reached an agreement to take over the entire Vietnamese platform South-East Asia Logistics Partners (SLP), owned by asset manager Ares Management Corporation. The transaction remains subject to conditions, including regulatory approvals. It would give CTP a team and a leasing portfolio in Asia, a few months after acquiring its first land plots in the country.
Seven operating assets and six land plots for around $500 million
On November 9, 2026, CTP announced that it had agreed on the terms of an agreement to acquire 100% of SLP's portfolio and operating platform in Vietnam. The price amounts to around $500 million. Completion of the transaction remains conditional, in particular on obtaining the applicable regulatory approvals, and is expected within the coming months.
The scope includes seven operating assets, totaling 504,000 m² of net lettable area and delivered between 2022 and 2024. According to the group, these buildings generate more than $23 million in annual stabilized net operating income (NOI).
Added to these are six land plots to be developed, with a potential of approximately 585,000 m² of net lettable area. Once these projects are completed, the portfolio would reach around 1.1 million m². The area to be built therefore exceeds the area already in operation.
Construction has started on two of these plots, which are to accommodate 140,000 m² of warehouses and Grade A industrial premises. According to CTP, completion of all projects should add $33.8 million in additional annual NOI.
This point shapes the reading of the transaction. The income from operating assets is already established, whereas the expected contribution from the land plots depends on construction projects of which only part has started. The price of around $500 million thus compensates both existing rental income and development potential.
A portfolio spread across the north and south, with more than 55 employees taken over
The portfolio is 59% located in northern Vietnam, near the industrial hubs of Hanoi, Bac Ninh and Hai Phong. The remaining 41% is located in the south, around the industrial and consumer markets of Ho Chi Minh City.
SLP brings a customer base that includes the Asian groups J&T Express, Shopee Express and Nippon Express, as well as a sales network in China. More than 55 employees, drawn from development, leasing and the management of assets and buildings, will join CTP.
This transaction extends a recent presence. CTP entered Vietnam in early 2026 by acquiring two land plots for development, with a potential of approximately 210,000 m². The group had then begun building a local team, which will continue its activity under the SLP brand.
At group level, the Vietnamese portfolio is compared with the 15.1 million m² of gross lettable area that CTP held in 12 countries as of September 30, 2026, to which 1.7 million m² under construction were added.
The property company holds investment-grade ratings: BBB from S&P, Baa2 from Moody's and A from JCR, all with a stable outlook. It states that it serves more than 1,700 customers, with an annual retention rate of around 93%.
Management highlights clients producing outside China
Chief Executive Officer Remon Vos links the transaction to demand from his customers: “Many of our clients are now looking to establish their production sites beyond China, as part of China Plus One strategies aimed at diversifying their supply chains. Vietnam is a natural destination for this.”
The group supports this choice with several indicators: Vietnamese GDP growth of 8.0% in 2025, around $40 billion in foreign direct investment per year, and an average monthly wage of about $308 in 2024, compared with $1,400 in China.
Chief Investment Officer Maarten Otte places the acquisition within a capital allocation strategy focused on “strong cash generation and attractive risk-adjusted returns.” He adds: “Our entry into Vietnam marks CTP's first major step towards becoming a global industrial and logistics company.”
The announcement follows the publication, on October 29, 2026, of adjusted EPRA earnings up 9.8% over nine months, to €365.2 million, and the confirmation of the 2026 earnings per share target.
On October 14, CTP had launched its first park in Italy, as part of a five-year investment plan of one billion euros in the country.
