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Logistic Properties of the Americas (NYSE American: LPA) announced the refinancing of $120 million in mortgage loans for its La Verbena Logistics Park in Costa Rica and Lima Sur Logistics Park in Peru. LPA secured a new $60 million, 15-year loan from Banco BAC San José for La Verbena, replacing a previous $48.05 million loan. The new loan features a three-month SOFR plus 2.00% interest rate and a 20-year amortization profile. Additionally, LPA obtained a $60 million, 10-year sustainability-linked loan from Banco BBVA Peru for Lima Sur Logistics Park, which includes two tranches with interest rates of 8.40% and 8.50%. This move aims to lower financing costs, extend debt maturity, and support reinvestment and development within its property platform.
Logistic Properties of the Americas (LPA) has announced key changes in its leadership structure to support its growth following its NYSE listing in March 2024. Annette Fernandez, currently CFO, will transition to the role of Chief Operating Officer (COO) effective May 13, 2024. Paul Smith will join as the new Chief Financial Officer (CFO), bringing over 15 years of experience in finance and real estate transactions in Latin American markets. CEO Esteban Saldarriaga praised Fernandez's contributions and expressed confidence in Smith's ability to elevate the company's financial operations. The leadership evolution aims to strengthen LPA's operational foundation and drive its growth strategy.
