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two (NYSE: TWOA) is a special purpose acquisition company (SPAC) that has recently entered into a definitive business combination agreement with LatAm Logistic Properties S.A. (LLP), a premier developer, owner, and manager of institutional quality, Class A industrial and logistics real estate in Central and South America. This agreement positions LLP to be publicly listed on the New York Stock Exchange under the ticker symbol 'LLP' by the fourth quarter of 2023, pending regulatory and shareholder approvals.
LLP's portfolio includes approximately 4.8 million square feet of operating gross leasable area (GLA) spread across 28 facilities in Costa Rica, Colombia, and Peru. These properties are strategically located in high-growth consumption centers, offering enhanced security and accessibility, which translates to cost efficiencies for their multinational and regional clients. LLP's real estate assets also adhere to high environmental sustainability standards, with several properties achieving EDGE certification.
Recently, LLP announced the signing of new lease agreements for 417,365 square feet of space across its facilities in Peru and Costa Rica, increasing its portfolio occupancy rate to 99.4%. Another noteworthy development includes the sale of an industrial building near Bogotá, Colombia, to Bancolombia S.A., valued at approximately 289,010 square feet and fully leased to Almacenes Éxito S.A.
Furthermore, LLP has secured its highest-value lease agreement to date, worth over $43 million, with a globally renowned food and beverage company for a 239,000 square feet space within the Latam Callao Logistic Park in Peru. This deal highlights LLP's capability to attract significant multinational tenants and reinforces the company's position as a leading provider of logistics facilities in the region.
LLP's leadership, including CEO Esteban Saldarriaga and CFO Annette Fernández, alongside the newly formed holding company ('Pubco'), will steer the combined entity towards growth and expansion. The projected post-transaction enterprise value of the business combination is $578 million, with an estimated $25 million in net cash proceeds earmarked for future growth opportunities.
For further information, visit twoaspac.com and latamlp.com.
On March 29, 2021, two, a newly formed blank check company led by technology veteran Kevin Hartz, announced its $200 million initial public offering (IPO). The offering includes 20 million Class A ordinary shares priced at $10.00 per share, set to trade under the ticker symbol TWOA on the NYSE starting March 30, 2021. This marks two's goal of merging with businesses in the technology sector, following the successful launch of its predecessor, one, which is merging with Markforged, Inc. Citigroup Global Markets is managing the IPO, with an option for the underwriter to purchase an additional 3 million shares.
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