Amsterdam-based CTP, Europe’s largest listed developer, owner and operator of logistics and industrial real estate by gross leasable area, has agreed to acquire 100% of South-East Asia Logistics Partners’ ( SLP ) portfolio and operating platform in Vietnam for approximately US$500 million.
The proposed transaction aims to accelerate CTP’s global expansion into Asia. It would give CTP immediate scale, a material development pipeline and a healthy regional network in Asia to continue its tenant-led growth, the company says in a statement.
SLP is owned by global alternative investment manager Ares Management Corporation, which is based in Los Angeles, California.
The deal comprises seven standing assets totalling 504,000 square metres of net leasable area ( NLA ), and six sites for development with the potential to deliver around 585,000 sqm of NLA. This would take the portfolio to a total NLA of approximately 1.1 million sqm.
The standing assets were completed between 2022 and 2024 and generate over US$23 million of stabilized annual net operating income ( NOI ).
Construction has already started on two of the development sites to deliver 140,000 sqm NLA of Grade A industrial and logistics space. Once the full development pipeline is complete, it is expected to contribute an additional US$33.8 million of annual NOI.
Established client base
The portfolio brings an established client base including leading Asian multinationals J&T Express, Shopee Express and Nippon Express, along with an established leasing network in China.
With 59% located in the north of Vietnam, the portfolio provides CTP with exposure to the manufacturing clusters around Hanoi, Bac Ninh and Hai Phong, while the remaining 41% in the south of the country provides access to the major industrial and consumer markets surrounding Ho Chi Minh City.
Over 55 employees across development, leasing, asset and property management will move to CTP as part of the proposed acquisition, providing local experience and capabilities for the company to grow the business in Vietnam and launch a broader Asia strategy.
CTP chief executive officer Remon Vos comments: “Vietnam’s strong manufacturing base, favourable labour and energy cost structure, growing infrastructure, business-friendly governance and political stability mirror the attributes that have underpinned our success in Central and Eastern Europe.
“Many of our clients are now seeking expansion beyond China for their production facilities as part of China Plus One strategies to diversify their supply chains. Vietnam is a natural location for this, so it makes strategic sense for us to expand here and extend CTP’s offer to our global client base. With this acquisition we will also further strengthen our relationships with our existing Asian manufacturer and logistics clients.”
High-growth market
CTP entered Vietnam in early 2026 with the acquisition of two development sites with the potential to deliver around 210,000 sqm of NLA. The move has been driven by its existing client relationships, with a growing number of its international tenants from both Europe and Asia already operating manufacturing and/or logistics facilities in the country, with plans for further expansion.
Establishing a local presence in Asia will enable CTP to strengthen its relationship with these clients and significantly enhance future growth prospects as they expand, the company says.
Vietnam’s GDP grew by 8.0% in 2025, while the country attracts approximately US$40 billion of annual FDI. The country has a growing labour market skills base and a competitive cost structure that continues to attract international manufacturers. The average monthly salary was approximately US$308 in Vietnam compared with US$1,400 in China in 2024.
Occupier demand in the country is also diversified, coming from a range of sectors including high-tech manufacturing, e-commerce and third-party logistics. Vietnam’s domestic demand is also expanding rapidly, with e-commerce revenues expected to grow at a 10.6% compound annual growth rate ( CAGR ) of 10.6% to 2030. Vietnam has attracted major investments from major international businesses including Samsung, LG, Foxconn, Goertek, Nvidia and Lego.
The deal is expected to be completed in the coming months, pending regulatory approvals and standard closing conditions.
