LatAm Logistic Properties S.A. Announces New Leases for Facilities in Peru and Costa Rica
- LatAm Logistic Properties signs lease agreements for 417,365 square feet in Peru and Costa Rica, adding to its multi-country operating portfolio with an occupancy rate of approximately 99.4%.
- None.
Prominent tenants sign new leases for a total of 417,365 square feet
SAN JOSÉ, Costa Rica, Oct. 06, 2023 (GLOBE NEWSWIRE) -- LatAm Logistic Properties S.A. (d/b/a LatAm Logistic Properties) (“LLP”), a leading developer, owner, and manager of institutional quality, Class A industrial and logistics real estate in Central and South America, today announced the signing of lease agreements in three of its new logistic facilities, including two properties in Peru and one in Costa Rica. Given the new leases, LLP’s multi-country operating portfolio will have an occupancy rate of approximately
The new leases, which comprise a total gross leasable area (“GLA”) of 417,365 square feet, and represent approximately
- LatAm Lima Sur Logistic Park, Lima, Peru. A major Peruvian importing, marketing and distribution company, which distributes its own brands as well as many global brands, has pre-leased 222,700 square feet, or
100% , of Building B500 for a 10-year term. The facility is expected to be completed in the first quarter of 2024. LatAm Lima Sur Logistic Park is a six-building complex located in the Lurin district, a growing urban hub of Peru. Including the new lease, the total project occupancy for the Lima Sur complex will be approximately95% . - LatAm Callao Logistic Park, Callao, Peru. One of the leading mass consumer branded products companies in the Andean Region, headquartered in Peru and operating across several Latin American countries, has pre-leased 102,000 square feet, or approximately
62% , of Building B100 in this 4-building complex for a 6-year term. Strategically located in a modern complex adjacent to Jorge Chávez Airport, Building B100 is expected to be completed in late 2023. Including the new lease, the total project occupancy for the LatAm Callao complex will be approximately85% . - LatAm Verbena Logistic Park, San José, Costa Rica. A Fortune 500, US-based branded consumer products company has pre-leased 92,665 square feet, or approximately
60% , of a new facility under development, for a 5-year term. The facility is expected to be completed in the first quarter of 2024. The facility is located in the LatAm Verbena Logístic Park complex, which comprises a total of 834,000 square feet. Including the new lease, the total project occupancy for the Verbena complex will be approximately94% .
“We are pleased that these new leases represent the continued realization of LLP’s well-established strategy of providing modern, world class logistic properties to meet the needs of major multi-national tenants,” stated Esteban Saldarriaga, CEO of LLP. “The new agreements also support our future growth as we continue to establish high-quality, strategically located facilities in target markets, reinforcing the Company’s position as one of the leading providers of logistic facilities across the region.”
On August 15, 2023, LatAm Logistic Properties and two (NYSE: TWOA) (“TWOA”), a special purpose acquisition company, announced that they entered into a definitive business combination agreement pursuant to which, and subject to regulatory and shareholder approvals and other customary closing conditions, each of LLP and TWOA will merge with newly formed subsidiaries of a to-be-formed holding company (“Pubco”). The ordinary shares of Pubco are expected to be listed on the New York Stock Exchange. Additional information about the proposed business combination will be described in Pubco’s proxy statement/prospectus as filed with the U.S. Securities and Exchange Commission (the “SEC”).
About LatAm Logistic Properties
LatAm Logistic Properties, S.A. is a leading developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America. LLP’s customers are multinational and regional e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies. LLP’s strong customer relationships and insight is expected to enable future growth through the development and acquisition of high-quality, strategically located facilities in its target markets. As of June 30, 2023, LLP consisted of an operating and development portfolio of twenty-eight logistic facilities in Colombia, Peru and Costa Rica totaling more than 650,000 square meters (approximately 7.0 million square feet) of GLA.
Forward-Looking Statements
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Industry and Market Data
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Additional Information
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LLP, Pubco and their respective directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of TWOA in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination when available.
Media Relations Contact:
Zach Kouwe / Kendal Till
Dukas Linden Public Relations
+1 646-722-6533
LLP@dlpr.com
FAQ
What is the total square footage of the new lease agreements?
What is the occupancy rate of LLP's multi-country operating portfolio?
When will the facilities be completed?
What is the total project occupancy for the Lima Sur complex?
What is the total project occupancy for the LatAm Callao complex?
What is the total project occupancy for the Verbena complex?
