CTP has agreed terms to acquire 100% of the South-East Asia Logistics Partners (SLP) portfolio and operating platform in Vietnam for approximately US$500 million. The deal, which remains subject to regulatory approvals, includes seven standing assets totalling 504,000 sqm of net leasable area (NLA) and six development sites with the potential to deliver a further 585,000 sqm of NLA, bringing the combined portfolio to around 1.1 million sqm.
The standing assets, completed between 2022 and 2024, generate over US$23 million of stabilised annual net operating income. Construction has already begun on two development sites targeting 140,000 sqm of industrial and logistics space, which is expected to contribute an additional US$33.8 million of annual NOI once complete. SLP is currently owned by Ares Management Corporation.
With 59% of the portfolio located in northern Vietnam, CTP gains exposure to manufacturing clusters around Hanoi, Bac Ninh and Hai Phong, while the remaining 41% in the south provides access to markets surrounding Ho Chi Minh City. Tenants include J&T Express, Shopee Express and Nippon Express. More than 55 SLP employees across development, leasing, and asset and property management will transfer to CTP as part of the transaction.
"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," said Remon Vos, CEO of CTP. He added that many clients are seeking expansion beyond China through China Plus One strategies, making Vietnam a natural location for CTP to extend its offer to its global client base.
CTP first entered Vietnam in early 2026 with the acquisition of two development sites capable of delivering around 210,000 sqm of NLA. Vietnam's GDP grew by 8.0% in 2025 and the country attracts approximately US$40 billion of annual foreign direct investment, with occupier demand spanning high-tech manufacturing, e-commerce and third-party logistics.
"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," said Maarten Otte, CIO of CTP, describing the move as CTP's first major step towards becoming a global industrial and logistics business.
