Tuesday, 2 December 2025
CTP has entered the Italian market through the €241 million acquisition of VLD S.r.l., a development company previously controlled by FBH Group. The transaction forms part of CTP’s plan to invest €1 billion in Italy over the next five years as it expands its European logistics and industrial real estate platform.
VLD brings an 8.7 million sqm landbank across northern, central and southern Italy. Of this, CTP has acquired 1.7 million sqm of owned land, 2.7 million sqm under contract subject to zoning for industrial and logistics use, and 4.3 million sqm under option. The landbank provides scope for around 3.5 million sqm of future gross lettable area (GLA). Two standing assets totalling 30,000 sqm are also included in the acquisition.
CTP expects to complete about 200,000 sqm of projects in Italy in 2026, including developments for ALS Luxury and logistics provider CEVA. From 2027 onward, planned annual deliveries are projected at 250,000–300,000 sqm. The company targets a yield-on-cost of 8.5–9.5%.
Italy becomes CTP’s eleventh market, following earlier expansions into Poland and Germany. The company cites Italy’s industrial base, demand for modern logistics space and relatively low supply of Grade A facilities—estimated at around 0.5 sqm per capita—as drivers for its entry. CTP expects demand from manufacturing companies, SMEs, FMCG firms, 3PLs and multinational tenants expanding into Italy.
CTP has expanded rapidly in recent years. Its portfolio has grown from 5.9 million sqm at year-end 2020 to 13.8 million sqm at Q3 2025. The group also holds a significant European landbank of 25.7 million sqm, mostly in existing CTParks. Following the VLD acquisition, the landbank increases to 34.4 million sqm.
The newly acquired business will operate as CTP Italy, led by Agostino Emanuele, with a local development team being established to support the rollout of projects in key regions including Lombardy, Emilia-Romagna, Piedmont, Veneto, Lazio, Tuscany and Bari.
