AMSTERDAM – CTP N.V., Europe’s largest listed logistics and industrial real estate group, is accelerating its growth by expanding into Italy, acquiring developer VLD S.r.l. for €241 million in a move that significantly boosts its landbank and development pipeline.
The acquisition, from the FBH Group, grants CTP a strategic landbank of 8.7 million square meters (sqm) across prime locations in northern and central Italy, the company said. This deal marks the beginning of CTP’s planned €1 billion investment in the Italian market over the next five years.
“The Italian market offers an attractive return profile,” CTP Chief Executive Remon Vos said. “This is one of the key steps towards achieving our ambition of 30 million sqm of GLA by 2030.”
The entry into Italy, CTP’s eleventh market, supports its strategy to build a pan-European platform. Italy’s status as a major industrial hub aligns with CTP’s core client base of manufacturing tenants, which make up nearly half of its portfolio.
Strategic Footprint and Development Pipeline
The acquired landbank has the potential to deliver approximately 3.5 million sqm of gross lettable area (GLA). It includes 1.7 million sqm of owned land and a pipeline of projects already under construction, with 200,000 sqm scheduled for completion in 2026 for clients including ALS Luxury and CEVA Logistics, a provider for Daikin.
The portfolio is concentrated in Italy’s key economic regions, with 71% of the development land in the north around hubs like Milan, Bologna, and Turin. A further 25% is in central Italy, near Rome and Florence.
CTP sees strong demand in a market it considers undersupplied. “The market remains relatively undersupplied with around 0.5 sqm of Grade A logistics space per capita, compared to over 1 sqm per capita in most other Western European markets,” Vos said, highlighting the long-term growth potential.
The company targets an annual development pace of 250,000 to 300,000 sqm from 2027, aiming for a yield on cost between 8.5% and 9.5%.
Expanding the European Platform
The Italian deal further solidifies CTP’s position as a dominant player in European logistics real estate. Following its expansion into Poland and Germany, the Group has more than doubled in size since the end of 2020, with its portfolio growing to 13.8 million sqm as of September 2025.
The VLD acquisition increases CTP’s total European landbank to 34.4 million sqm, the largest in the sector. VLD will be renamed CTP Italy, with a local team being established under the leadership of Agostino Emanuele to drive the market entry.