CTP Agrees to $500 Million SLP Portfolio Acquisition in Vietnam
CTP N.V. has agreed to acquire the South-East Asia Logistics Partners (SLP) portfolio and operating platform in Vietnam for approximately US$500 million, marking a major step in the European real estate developer's expansion into Asia.
The proposed SLP portfolio acquisition includes seven completed industrial and logistics properties with a combined net leasable area (NLA) of 504,000 square metres. It also covers six development sites with the potential to deliver approximately 585,000 square metres of additional space. Once the development pipeline is completed, the combined portfolio is expected to reach around 1.1 million square metres of NLA.
SLP is currently owned by global alternative investment manager Ares Management Corporation. The acquisition will give CTP an established operating platform in Vietnam, along with an existing tenant base, development opportunities and a local management team.
Seven operational assets and six development sites
The seven completed properties were developed between 2022 and 2024. Together, they generate more than US$23 million in stabilised annual net operating income (NOI).
Development activity is already underway at two of the six sites. These projects are expected to deliver 140,000 square metres of Grade A industrial and logistics space. Once the entire development pipeline is completed, it is projected to contribute a further US$33.8 million in annual NOI.
The portfolio also has an established customer base that includes J&T Express, Shopee Express and Nippon Express. It comes with an existing leasing network in China, adding to CTP's regional business connections.
Geographically, approximately 59% of the portfolio is located in northern Vietnam, serving manufacturing clusters around Hanoi, Bac Ninh and Hai Phong. The remaining 41% is in the southern part of the country, providing access to industrial and consumer markets around Ho Chi Minh City.
CTP strengthens its Asian presence
The proposed transaction will also bring more than 55 employees across development, leasing, asset management and property management into CTP's operations.
CTP entered Vietnam earlier in 2026 through the acquisition of two development sites with the potential to deliver approximately 210,000 square metres of NLA. The local team established during that entry will continue operating under the SLP brand.
CTP Chief Executive Officer Remon Vos said Vietnam was a natural market for the company's expansion, particularly as existing international clients look beyond China to diversify their manufacturing and supply chains.
The acquisition is also intended to support CTP's relationships with Asian manufacturers and logistics operators seeking additional facilities in the region.
Completion remains subject to agreed conditions, including the necessary regulatory approvals. The company expects the transaction to be completed in the coming months.
