Logistics real estate developer CTP has agreed terms to acquire the entire South-East Asia Logistics Partners (SLP) portfolio and operating platform in Vietnam for roughly $500 million.

The deal, struck with SLP owner Ares Management Corporation, grants CTP immediate operational scale, an established local team and a strategic development pipeline to support its tenant-led expansion in Asia.

Under the terms of the transaction, CTP will take ownership of seven completed assets comprising 504,000 sqm of net leasable area (NLA), together with six development sites capable of delivering a further 585,000 sqm of NLA. Once fully developed, the total footprint will reach around 1.1 million sqm of NLA.

The completed properties were delivered between 2022 and 2024 and currently generate more than $23 million in annual stabilised net operating income (NOI). Work has commenced on two development locations to provide 140,000 sqm of NLA in Grade A space. Completing the entire pipeline is expected to bring in an extra $33.8 million in annual NOI.

The transaction sees over 55 employees in asset management, leasing, development and property management transfer to CTP. Geographically, 59% of the portfolio is situated in northern Vietnam near manufacturing hubs in Hanoi, Bac Ninh and Hai Phong. The remaining 41% sits in southern Vietnam, granting direct access to key consumer and industrial markets around Ho Chi Minh City. The portfolio serves a client roster that includes Shopee Express, J&T Express and Nippon Express, alongside an established leasing network in China.

Remon Vos, CEO of CTP, commented: “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.”

CTP made its initial entry into Vietnam in early 2026 after buying two development sites with potential for 210,000 sqm of NLA. The company noted strong economic fundamentals in the market, including 8.0% GDP growth in 2025 and annual foreign direct investment of roughly $40 billion. Vietnam has drawn substantial investments from international brands such as Samsung, LG, Foxconn, Goertek, NVIDIA and LEGO. Labour costs remain competitive, with average monthly wages sitting at around $308 in 2024 compared to $1,400 in China.

Maarten Otte, CIO of CTP, commented: “The acquisition of the SLP portfolio presents a compelling opportunity for us to accelerate the expansion of CTP Asia, equipping us with an established local operating platform that has a proven track record. This is in line with our disciplined capital allocation strategy focused on securing strong cashflow generation and attractive risk adjusted returns in markets supported by long term structural tailwinds. Our entry into Vietnam marks CTP’s first major step towards becoming a global industrial and logistics business, building on our strong foundation in Europe.”

Completion of the deal is subject to customary closing conditions and regulatory approvals, with finalisation expected over the coming months.