At a glance
- The proposed deal covers the SLP portfolio and operating platform.
- The portfolio holds seven standing assets with 504,000 square meters (5.4 million square feet) of net leasable area, completed between 2022 and 2024.
- The standing assets generate more than $23 million of stabilized annual net operating income, or about 4.6% of the $500 million purchase price.
CTP agreed terms to buy Ares Management's Vietnam logistics platform, South-East Asia Logistics Partners, for about $500 million, IREI reported. The proposed deal covers the SLP portfolio and operating platform.
The portfolio holds seven standing assets with 504,000 square meters (5.4 million square feet) of net leasable area, completed between 2022 and 2024. Six development sites would add about 585,000 square meters (6.3 million square feet), taking the platform to roughly 1.1 million square meters.
The standing assets generate more than $23 million of stabilized annual net operating income, or about 4.6% of the $500 million purchase price. Because that price includes the six development sites, much of the return depends on what gets built and leased. Two sites are already under construction and will deliver 140,000 square meters (1.5 million square feet) of grade A industrial and logistics space. The full pipeline is expected to add $33.8 million of annual NOI.
Tenants on the standing assets include J&T Express and Shopee. Adding the pipeline NOI to the standing NOI would take the platform to about $57 million once every site is built and let.
Most of the platform's future income is not built yet
Stabilized annual net operating income, $M: standing assets today plus the six development sites
- Added
- Taken away
- Total
- Standing assets$23M
- Six development sites+$33.8M
- Full build-out$56.8M
Show as table
| Step | Change | Running total |
|---|---|---|
| Standing assets | $23M | $23M |
| Six development sites | +$33.8M | $56.8M |
| Full build-out | $56.8M |
Reported by the Deals desk from IREI. Published . Corrections