CTP to acquire SLP portfolio and operating platform in Vietnam

Photo: SLP

The proposed transaction will accelerate CTP’s global expansion into Asia. SLP, owned by global alternative investment manager Ares Management Corporation, is an established and growing local operating platform, which, upon completion of the proposed acquisition, would give CTP immediate scale, a material development pipeline, and a healthy regional network in Asia to continue its tenant-led growth.

The proposed acquisition comprises seven standing assets totalling 504,000 square metres of net lettable area (NLA), as well as six sites for development with the potential to deliver around 585,000 sq.m of NLA. This would take the portfolio to a total NLA of approximately 1.1 million sq.m.

The standing assets were completed between 2022 and 2024 and generate over $23 million of stabilised annual net operating income (NOI).

Construction has already started on two of the development sites to deliver 140,000 sq.m NLA of Grade A industrial and logistics space. Once the full development pipeline is complete, it is expected to contribute an additional $33.8 million of annual NOI.

The portfolio brings an established client base including leading Asian multinationals J&T Express, Shopee Express, and Nippon Express, together with an established leasing network in China.

With 59 per cent located in the north of Vietnam, the portfolio provides CTP with exposure to the manufacturing clusters around Hanoi, Bac Ninh, and Haiphong, while the remaining 41 per cent in the south of the country provides access to the major industrial and consumer markets surrounding Ho Chi Minh City.

Over 55 employees across development, leasing, asset, and property management will move to CTP as part of the proposed acquisition, providing local experience and capabilities for the company to grow the business in Vietnam and launch a broader Asia strategy.

Remon Vos, CEO of CTP, said, “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+1 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,” Vos said.

CTP entered Vietnam in early 2026 with the acquisition of two development sites with the potential to deliver around 210,000 sq.m of NLA. This marked the start of CTP building a local team, which will continue under the SLP brand.

The company’s entry into Vietnam has been driven by its existing client relationships, with a growing number of CTP’s international tenants from both Europe and Asia already operating manufacturing and/or logistics facilities in Vietnam with plans for further expansion. Establishing this local presence in Asia will enable CTP to strengthen its relationship with these clients and significantly enhance future growth prospects as they expand.

Vietnam benefits from the economic growth and structural fundamentals that have supported CTP’s growth in Central and Eastern Europe. GDP grew by 8 per cent in 2025, while the country attracts approximately $40 billion of annual FDI.

The country has a population of approximately 100 million people, of which around 80 per cent are of working age with an average age of 33. Vietnam has also emerged to become an important global manufacturing and export hub. The country has a growing labour market skills base and a competitive cost structure that continues to attract international manufacturers. The average monthly salary was approximately $308 in Vietnam compared with $1,400 in China in 2024.

Occupier demand in the country is also diversified, coming from a range of sectors including high-tech manufacturing, e-commerce, and third-party logistics. Vietnam’s domestic demand is also expanding rapidly, with e-commerce revenues expected to grow at a 10.6 per cent compound annual growth rate to 2030. Vietnam has attracted major investments from major international businesses including Samsung, LG, Foxconn, Goertek, Nvidia, and LEGO.

Maarten Otte, CIO of CTP, said, “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 transaction remains subject to satisfaction of agreed conditions, including applicable regulatory approvals, and is expected in the coming months.

Dutch businesses keen to invest in Hung Yen CTP Netherlands intends to develop industrial parks offering comprehensive services in diverse localities across Vietnam, including Hung Yen province.

SLP breaks ground on ready-built factory facility in Bac Ninh On March 20, industrial and logistics real estate developer SLP broke ground on a ready-built factory project, SLP Park Tien Du in Dai Dong Hoan Son Industrial Park in Bac Ninh province.

SLP Vietnam partner with J&T Express on automated sorting hub SLP Vietnam has signed a partnership agreement with J&T Express Vietnam to develop an automated sorting facility supporting the expansion of the country's logistics and e-commerce infrastructure.