CTP agrees to buy Ares-owned SLP Vietnam logistics platform for about USD 500m
The Amsterdam-listed developer, built on business parks in Central and Eastern Europe, says its tenants want factories and warehouses outside China. The deal would give it about 1.1 million sqm of potential space in Vietnam.
CTP N.V., which describes itself as Europe's largest listed developer, owner and operator of logistics and industrial real estate by lettable area, has agreed terms to acquire 100% of the South-East Asia Logistics Partners (SLP) portfolio and operating platform in Vietnam for about USD 500 million, the company said on 9 November 2026. SLP is owned by US alternative investment manager Ares Management.
The portfolio includes seven completed assets with about 504,000 sqm of net lettable area and six development sites that could deliver about 585,000 sqm more. Completion is subject to conditions including regulatory approvals and is expected in the coming months, Reuters reported.
What CTP is buying
The standing assets were completed between 2022 and 2024 and generate more than USD 23 million of stabilised annual net operating income, according to CTP. Construction has already started on two of the development sites, which are set to deliver 140,000 sqm of Grade A industrial and logistics space. Once the full pipeline is built, CTP expects it to add about USD 33.8 million of annual net operating income.
Tenants include J&T Express, Shopee Express and Nippon Express. About 59% of the portfolio is in northern Vietnam, close to the manufacturing clusters around Hanoi, Bac Ninh and Hai Phong. The remaining 41% is in the south, around Ho Chi Minh City. More than 55 SLP employees in development, leasing, asset and property management are set to move to CTP, and CTP's local team will continue under the SLP brand.
A China Plus One bet
"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," chief executive Remon Vos said. He compared Vietnam's manufacturing base, cost structure and infrastructure growth with the conditions that underpinned CTP's success in Central and Eastern Europe.
CTP entered Vietnam earlier in 2026 by buying two development sites with potential for about 210,000 sqm, its first expansion outside Europe. Chief investment officer Maarten Otte called the SLP deal "CTP's first major step towards becoming a global industrial and logistics business".
How big this is for CTP
At the end of September 2026 CTP had 15.1 million sqm of gross lettable area in 12 countries and 1.7 million sqm under construction, serving more than 1,700 clients. The Vietnam deal, at about 1.1 million sqm including the pipeline, is therefore modest in size relative to the group but strategically significant: it creates an operating platform in Asia rather than a few isolated sites. CTP holds investment grade ratings of BBB from S&P and Baa2 from Moody's, both with a stable outlook.
CTP cited macro data to support the move: Vietnam's GDP grew 8.0% in 2025, the country attracts about USD 40 billion of foreign direct investment a year and has a population of around 100 million. It also pointed to average monthly wages of about USD 308 in Vietnam versus USD 1,400 in China in 2024.
What it means for European founders and investors
The deal is a reminder that European industrial and logistics groups are following their customers as supply chains reorganise. CTP grew by developing ready-built factories and warehouses, mostly in Central and Eastern Europe, and says 63% of its new business comes from existing clients expanding. It is now applying the same tenant-led model in Asia, where many of the same multinational clients are adding capacity.
For European founders in logistics software, robotics and industrial services, large landlords with multi-continent portfolios can be valuable distribution partners, since they control the buildings that tenants occupy. For investors, the deal shows a European listed company using its own balance sheet to buy an operating platform from a US private markets firm, rather than the other way round. Related coverage: Adani Ports agreed to buy Dutch storage group Evos last week, and Contship agreed to buy Tarros to build a Mediterranean logistics platform.
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