CTP Agrees to Buy SLP’s Vietnam Assets for $500 Million
Key Facts
CTP has agreed to buy all of SLP’s assets in Vietnam for $500 million, in a deal that includes its property portfolio and operating platform, Reuters reported on November 9, 2026. The move expands the European company into Asia, where it will enter Vietnam through existing assets and sites earmarked for development. Chief Executive Raymond Vos said CTP’s customers are seeking to expand in Asia outside China to diversify their supply chains. Vietnam is a “natural location for that,” he said, adding that expansion there “makes strategic sense” for the company. The deal is still proposed, with completion subject to regulatory approvals.
The portfolio includes seven existing assets with about 50 hectares of leasable space, according to Reuters. In addition to those assets, the deal includes six development sites across northern and southern Vietnam. The sites could provide about 58 hectares of additional leasable space, making the potential future development area slightly larger than the existing assets. Construction has already begun at two of the six sites to build industrial and logistics space. The deal therefore combines potential income from existing assets with the opportunity to expand space through projects under development.
Among the tenants whose leases will transfer to CTP’s portfolio are logistics and parcel delivery companies J&T Express, Shopee Express and Nippon Express, Reuters reported. The transfer of these leases brings names in transport and delivery into the tenant base associated with the assets CTP will acquire. The deal follows CTP’s acquisition earlier in 2026 of two development sites in Vietnam, its first expansion outside Europe. CTP said in its first-half 2026 results that it had secured an initial land bank of about 330,000 square meters across the two sites, with planned development potential of about 210,500 square meters. The new deal signals a shift in its Vietnam expansion from securing initial sites to buying an operating portfolio that includes existing assets and additional sites.
CTP linked its entry into Vietnam to an expansion model driven by tenant demand, saying the market benefits from the “China plus one” manufacturing trend, foreign direct investment, a large and competitive workforce, and rapidly improving infrastructure. The company added that the country’s modern industrial and logistics real estate sector is undersupplied. The move comes as data from Vietnam’s National Statistics Office showed merchandise exports rose to $475.04 billion in 2025, up 17.0% year on year. Exports by the foreign-invested sector, including crude oil exports, reached $367.09 billion, up 26.1% year on year, and accounted for 77.3% of total merchandise exports. These figures provide context for the role of foreign companies in Vietnam’s export activity, while CTP presents the market as benefiting from the relocation and diversification of some manufacturing supply chains.
CTP operates logistics parks in 12 European countries, mostly in Central and Eastern Europe, according to Reuters. Its earlier entry into Vietnam through two development sites was its first move outside the continent, before the agreement for the SLP deal broadened its presence there. Vos said customers’ demand for alternatives in Asia outside China was linked to supply chain diversification, and cited “China plus one” strategies in explaining the choice of Vietnam. The deal gives the company existing assets as well as land that can be developed, while their formal inclusion in CTP’s portfolio depends on completion of the required procedures. The company expects to complete the deal in the coming months, subject to regulatory approvals.