Monday, 9 November 2026
European industrial property developer CTP has agreed terms to acquire the Vietnamese property portfolio and operating business of South-East Asia Logistics Partners (SLP) from Ares Management Corporation for approximately US$500 million. Announced on 9 November 2026, the proposed transaction would significantly increase CTP’s activities in Vietnam and provide an established network of industrial properties, development sites and local management operations. Completion remains subject to regulatory approval and other contractual conditions.
The acquisition covers seven completed industrial and logistics properties with a combined net lettable area of 504,000 square metres. It also includes six development sites capable of accommodating approximately 585,000 square metres of additional space. If all planned projects are delivered, the acquired portfolio would provide approximately 1.1 million square metres of industrial and logistics accommodation. The completed buildings were constructed between 2022 and 2024.
The existing properties generate more than US$23 million in annual net operating income on a stabilised basis. Based on the approximate acquisition price, this represents an initial income yield of around 4.6%, although the calculation includes the value of development land and the operating business and should not be interpreted as a conventional yield on completed investment properties. CTP expects the development sites to generate an additional US$33.8 million in annual net operating income once fully constructed and leased. These projections remain dependent on future development costs, occupancy and rental performance.
Construction has already commenced on two of the six development sites, where approximately 140,000 square metres of industrial and logistics accommodation is planned. The remaining development land provides capacity for further projects, although the company has not disclosed a detailed construction schedule or the investment required to complete the entire pipeline. The proposed acquisition price has also not been divided between existing buildings, development land and the operating platform.
Approximately 59% of the portfolio is located in northern Vietnam, including industrial areas serving Hanoi, Bac Ninh and Hai Phong. The remaining 41% is situated in the south, where industrial activity is concentrated around Ho Chi Minh City. The properties serve manufacturing, distribution and logistics businesses operating in Vietnam’s principal economic regions. Existing customers include J&T Express, Shopee Express and Nippon Express.
The transaction would also transfer more than 55 employees working in development, leasing and property management to CTP. The company intends to retain the SLP name for its Vietnamese operations. In addition to the property portfolio, the acquisition would provide relationships with occupiers and leasing contacts in China, where manufacturers and logistics companies have been considering additional production and distribution locations elsewhere in Asia.
CTP entered Vietnam earlier in 2026 through the acquisition of two development sites with capacity for approximately 210,000 square metres of industrial and logistics space. Including these sites, the proposed SLP transaction would bring the company’s existing and potential development area in Vietnam to approximately 1.3 million square metres. However, a substantial proportion of that figure represents buildings that have not yet been completed, and the timing of future development will depend on investment decisions and occupier requirements.
Vietnam has become an important location for manufacturers seeking to diversify production across Asian markets. Investment in electronics, consumer goods and other export-oriented industries has contributed to demand for industrial premises, while domestic consumption and online retail have supported logistics activity. For CTP, the acquisition would extend its operations beyond its established European markets and increase its exposure to Asian manufacturing and distribution. The transaction is expected to close in the coming months, subject to the outstanding approvals and conditions.
