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Logistics group CTP reaches $500 million deal to expand in Vietnam as clients seek China alternative

By Reuters News

HANOI, Nov 9 (Reuters) - CTP NV CTPNV.AS, one of Europe's largest operators of logistics and industrial real estate, said on Monday it had agreed to acquire for $500 million all the assets in Vietnam of South-East Asia Logistics Partners, owned by investment firm Ares Management Corporation.

CTP's chief executive Remon Vos said the move followed requests from clients to expand in Asia beyond China as they seek to diversify supply chains.

  • SLP tenants, whose leases would become part of CTP's portfolio, include logistics and parcel delivery firms J&T Express 1519.HK, Shopee Express SE.N and Nippon Express 9147.T, CTP said

  • "Many of our clients are now seeking expansion beyond China for their production facilities as part of 'China Plus One' strategies to diversify their supply chains. Vietnam is a natural location for this, so it makes strategic sense for us to expand here," Vos said

  • The proposed acquisition comprises seven assets with a leasable area of about 50 hectares (123 acres), plus six development sites with potential for roughly another 58 hectares of leasable area in northern and southern Vietnam, CTP said

  • In two of these sites, construction has already started for industrial and logistics space

  • CTP owns and operates logistics parks in a dozen European countries, mostly in Central and Eastern Europe, and earlier this year acquired two development sites in Vietnam, in its first expansion outside Europe

  • The deal's completion is subject to regulatory approval and is expected in the coming months, CTP said

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