CTP buys Ares' SLP Vietnam logistics platform for $500M
What's the deal? Dutch industrial developer CTPDealroom has a profile for this one. Try Dealroom → has agreed to buy the entire Vietnam portfolio and operating platform of Southeast Asia Logistics Partners (SLPDealroom has a profile for this one. Try Dealroom →) from US asset manager Ares ManagementDealroom has a profile for this one. Try Dealroom → for about $500 million. The acquisition covers seven completed warehouses with 504,000 square metres of leasable space and six development sites that could add another 585,000 square metres, taking the portfolio to roughly 1.1 million square metres.
Why now? Manufacturers are shifting production out of China, and CTP's clients are "seeking expansion beyond China for their production facilities," chief executive officer Remon Vos said. Vietnam's industrial-property demand is strong, with ready-built warehouse occupancy at about 89% in the third quarter of 2026.
What each side brings: SLP's assets, completed between 2022 and 2024, generate more than $23 million in stabilised annual net operating income, with the full pipeline projected to add $33.8 million. Tenants include J&T Express, Shopee Express, and Nippon ExpressDealroom has a profile for this one. Try Dealroom →, and the platform brings a leasing network in China plus more than 55 staff who will transfer to CTP.
What's the endgame? The deal turns CTP from a newcomer holding two land plots into an operator with finished, leased buildings in Vietnam's main industrial corridors. CTP, Europe's largest listed industrial developer with 15.1 million square metres of leasable space, will keep running the business under the SLP brand.
Market expansion: CTP first entered Vietnam in early 2026 by buying two development sites, its first move beyond Europe. Chief investment officer Maarten Otte called the SLP purchase CTP's "first major step towards becoming a global industrial and logistics business."
What could go wrong? The transaction still needs regulatory approvals and other conditions to close, which the companies expect in the coming months.
For Ares: The sale comes less than two years after the Los Angeles manager completed its $3.7 billion acquisition of GLP's fund business outside Greater China, which included SLP. Ares has since folded the acquired property funds into its Marq logistics platform.
The signal: Global landlords are paying up for Vietnamese exposure as the China Plus One strategy pushes manufacturers to diversify supply chains. CTP's bet signals that a ready-made operating platform, not just assets, is the prize for landlords following tenants out of China.
Read more: mingtiandi.com
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