CTP N.V., a major European operator of logistics and industrial <a href="https://industrymovement.com/what-luxury-home-sales-tell-us-about-canadas-k-shaped-real-estate-economy-national/" title="What luxury home sales tell us about Canada’s K-shaped real estate economy – National”>real estate by gross lettable area, has agreed to acquire all of South-East Asia Logistics Partners’ (SLP) assets in Vietnam for approximately $500 million.
SLP is owned by U.S.-based investment firm Ares Management Corporation. The deal marks a major step in CTP’s expansion into Asia.
The proposed acquisition covers seven completed properties with a combined net lettable area (NLA) of 504,000 square meters, as well as six development sites with the potential to deliver another 585,000 sqm. Upon completion of the development pipeline, the portfolio would total approximately 1.1 million sqm of NLA, CTP said in an announcement on Monday.
The seven existing assets were completed between 2022 and 2024 and generate more than $23 million in stabilized annual net operating income (NOI). Construction has already begun at two development sites, which are expected to deliver 140,000 sqm of Grade A industrial and logistics space. Once the entire development pipeline is completed, it is expected to generate an additional $33.8 million in annual NOI.
SLP portfolio’s tenants include major Asian companies such as J&T Express, Shopee Express, and Nippon Express. It also provides an established leasing network in China.
The transaction remains subject to agreed conditions, including regulatory approvals, and is expected to close in the coming months.
Expanding across Vietnam’s industrial hubs
Around 59% of the SLP portfolio is located in northern Vietnam, giving CTP exposure to manufacturing clusters around Hanoi, Bac Ninh city, and Hai Phong city. The remaining 41% is in the south, providing access to major industrial and consumer markets surrounding Ho Chi Minh City.
More than 55 employees across development, leasing, asset management and property management are expected to join CTP following completion, providing the local expertise needed to expand its Vietnamese operations and establish a broader presence in Asia, the European firm said.
CTP CEO Remon Vos said Vietnam’s manufacturing base, competitive labor and energy costs, infrastructure development, and political stability shared several characteristics with the Central and Eastern European markets that have driven the company’s growth.
He added that international manufacturers were increasingly looking beyond China to diversify supply chains under their China+1 strategies, making Vietnam a natural destination for further investment.
The acquisition will also help CTP strengthen relationships with existing Asian manufacturing and logistics customers, while extending its services to international tenants seeking to expand in Vietnam.
Building an Asian operating platform
CTP entered Vietnam in early 2026 through the acquisition of two development sites with the potential to deliver around 210,000 sqm of NLA. The move marked the beginning of its local team-building efforts, which will continue under the SLP brand.
The company’s expansion has been driven by existing relationships with international tenants from Europe and Asia that already operate manufacturing and logistics facilities in Vietnam and are planning further investment.
CTP believes a local presence will allow it to deepen those relationships and capture additional demand as customers expand their operations across the region.
Vietnam’s economic fundamentals have also supported the company’s investment strategy, it noted. The country recorded GDP growth of 8% in 2025 and attracts around $40 billion in foreign direct investment annually. Its population stands at approximately 100 million, with around 80% of people of working age and an average age of 33.
Vietnam has become an increasingly important manufacturing and export hub, supported by a growing skilled workforce and competitive operating costs. Average monthly wages stood at around $308 in 2024, compared with approximately $1,400 in China.
Industrial property demand is supported by a diverse range of occupiers, including high-tech manufacturers, e-commerce companies and third-party logistics providers. Domestic consumption is also expanding, with e-commerce revenue forecast to grow at a compound annual rate of 10.6% through 2030. Major international investors operating in Vietnam include Samsung, LG, Foxconn, Goertek, Nvidia, and Lego.
CTP chief investment officer Maarten Otte said the SLP acquisition would provide an established operating platform with a proven track record, allowing the company to accelerate its Asian expansion.
