This report does not constitute a rating action. MADRID (S&P Global Ratings) Dec. 1, 2025--S&P Global Ratings today said that Netherlands-based real estate company CTP N.V.'s (BBB/Stable/--) plan to launch a five-year €1 billion investment in the Italian logistics market is aligned with the company's strategy to increase its portfolio's size and geographic diversity. We anticipate a limited impact on the company's credit metrics. The planned investment follows CTP?s €241 million acquisition of the Italian real estate development company VLD S.r.l., which holds an 8.7 million square meter (sqm) landbank (4.3 million sqm under options) across strategic locations, especially in Northern and Central Italy. We understand the plan is mainly aimed at developing VLD?s existing landbank and exercising its options.