Projected Rental Revenue Exceeds
$43 Million Over Lease Term, Highest
Value Contract to Date
SAN JOSÉ, Costa Rica, March 18,
2024 /PRNewswire/ -- 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, has signed a lease agreement in
Peru with a leading,
globally-renowned food and beverage company.
The agreement is considered a milestone as it represents LLP's
highest value contract to date, with projected rental revenue of
over $43 million during the lease
term. The ten-year lease for 239,000 square feet, representing
approximately 65% of Building B300 within the Latam Callao Logistic
Park, will commence in June 2025.
This lease agreement underscores multinational companies' overall
confidence in the region and Peru's position as a strategic location for
their operations.
The Latam Callao Logistic Park is a four-building logistics
complex strategically located within a modern complex adjacent to
the Jorge Chávez Airport, enabling efficient distribution and
optimal supply chain management operations. Building B300 is
scheduled for completion in June 2025
and has been designed to meet the highest efficiency and
sustainability standards. The building offers a 48-foot clear
height and is expected to receive EDGE (Excellence in Design for
Greater Efficiencies), LEED GOLD (Leadership in Energy and
Environmental Design), and AIS (Airport Industrial Safety)
certifications, highlighting LLP's commitment to environmental
responsibility.
"LatAm Logistic Properties is thrilled to finalize a landmark
lease agreement for our strategically located, best-in-class Latam
Callao Logistic Park property," said Esteban Saldarriaga, CEO of LLP. "This deal
solidifies LatAm Logistic Properties' position as a premier
provider of industrial real estate solutions in the region and
highlights growing demand for modern, well-equipped logistics
facilities in emerging markets like Peru."
LLP and two (NYSE: TWOA) ("TWOA"), a special purpose acquisition
company, announced on August 15, 2023
that they entered into a definitive business combination agreement
(the "Business Combination Agreement") for a proposed business
combination (the "Business Combination"), pursuant to which, and
subject to shareholder approvals and other customary closing
conditions, each of LLP and TWOA will merge with newly-formed
subsidiaries of Logistic Properties of the Americas ("Pubco")
to create a leading publicly traded developer, owner, and manager
of modern logistics real estate in Central and South America. The ordinary shares of Pubco
are expected to be listed on the New York Stock Exchange. The
original announcement can be read here. The Securities and Exchange
Commission (the "SEC") has declared effective the registration
statement on Form F-4, as amended (the "Registration Statement"),
filed by Pubco in connection with the Business
Combination.
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 September 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 (or
approximately 7.0 million square feet) of gross leasable area.
Forward-Looking Statements
This press release contains certain forward-looking information,
which may not be included in future public filings or investor
guidance. The inclusion of forward-looking information in this
press release should not be construed as a commitment by LLP to
provide guidance on such information in the future. Certain
statements in this press release may be considered forward-looking
statements within the meaning of federal securities laws.
Forward-looking statements include, without limitation, statements
about future events or LLP's, TWOA's or Pubco's future financial or
operating performance. For example, statements regarding
anticipated growth in the industry in which LLP operates and
anticipated growth in demand for LLP's products and solutions, the
anticipated size of LLP's addressable market and other metrics,
statements regarding the benefits of the Business Combination, and
the anticipated timing of the completion of the Business
Combination are forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as "pro
forma," "may," "should," "could," "might," "plan," "possible,"
"project," "strive," "budget," "forecast," "expect," "intend,"
"will," "estimate," "anticipate," "believe," "predict," "potential"
or "continue," or the negatives of these terms or variations of
them or similar terminology.
These forward-looking statements regarding future events and the
future results of LLP, Pubco and TWOA are based on current
expectations, estimates, forecasts, and projections about the
industry in which LLP operates, as well as the beliefs and
assumptions of LLP's management. These forward-looking statements
are only predictions and are subject to known and unknown risks,
uncertainties, assumptions and other factors beyond LLP's, Pubco's
or TWOA's control that are difficult to predict because they relate
to events and depend on circumstances that will occur in the
future. They are neither statements of historical fact nor promises
or guarantees of future performance. Therefore, LLP's and Pubco's
actual results may differ materially and adversely from those
expressed or implied in any forward-looking statements and LLP,
Pubco and TWOA therefore caution against relying on any of these
forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by LLP and its
management, as the case may be, are inherently uncertain and are
inherently subject to risks variability and contingencies, many of
which are beyond LLP's control. Factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: (i) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
Business Combination Agreement; (ii) the outcome of any legal
proceedings that may be instituted against LLP, TWOA, Pubco or
others following the announcement of the Business Combination and
any definitive agreements with respect thereto; (iii) the inability
to complete the Business Combination due to the failure to obtain
consents and approvals of the shareholders of TWOA, to obtain
financing to complete the Business Combination or to satisfy other
conditions to closing, or delays in obtaining, adverse conditions
contained in, or the inability to obtain necessary regulatory
approvals required to complete the transactions contemplated by the
Business Combination Agreement; (iv) changes to the proposed
structure of the Business Combination that may be required or
appropriate as a result of applicable laws or regulations or as a
condition to obtaining regulatory approval of the Business
Combination; (v) LLP's and Pubco's ability to manage growth; (vi)
the ability to meet stock exchange listing standards in connection
with, and following, the consummation of the Business Combination;
(vii) the risk that the Business Combination disrupts current plans
and operations of LLP as a result of the announcement and
consummation of the Business Combination; (viii) the ability to
recognize the anticipated benefits of the Business Combination,
which may be affected by, among other things, competition, the
ability of Pubco or LLP to grow and manage growth profitably,
maintain key relationships and retain its management and key
employees; (ix) costs related to the Business Combination; (x)
changes in applicable laws, regulations, political and economic
developments; (xi) the possibility that LLP or Pubco may be
adversely affected by other economic, business and/or competitive
factors; (xii) LLP's estimates of expenses and profitability; and
(xiii) other risks and uncertainties set forth in the filings by
TWOA or Pubco with the SEC. There may be additional risks that
neither LLP nor TWOA presently know or that LLP and TWOA currently
believe are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. Any
forward-looking statements made by or on behalf of LLP speak only
as of the date they are made. None of LLP, Pubco or TWOA undertakes
any obligation to update any forward-looking statements to reflect
any changes in their respective expectations with regard thereto or
any changes in events, conditions or circumstances on which any
such statement is based.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made.
LLP, TWOA and Pubco disclaim any and all liability for any loss
or damage (whether foreseeable or not) suffered or incurred by any
person or entity as a result of anything contained or omitted from
this press release and such liability is expressly disclaimed.
Industry and Market Data
This press release also contains estimates and other statistical
data made by independent parties which they believe to be reliable
and by LLP relating to market size and growth and other data about
LLP's industry. This data involves a number of assumptions and
limitations, and you are cautioned not to give undue weight to such
estimates. In addition, projections, assumptions, and estimates of
the future performance of the markets in which LLP operates are
necessarily subject to a high degree of uncertainty and risk. LLP
has not independently verified the accuracy or completeness of the
independent parties' information. No representation is made as to
the reasonableness of the assumptions made within or the accuracy
or completeness of such independent information.
Additional Information
This press release does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
Business Combination, Pubco has filed with the SEC the Registration
Statement, which contains the proxy statement of TWOA and a
prospectus of Pubco, and was declared effective by the SEC. This
press release does not contain all the information that should be
considered concerning the Business Combination and is not intended
to form the basis of any investment decision or any other decision
in respect of the Business Combination. LLP's and TWOA's
shareholders and other interested persons are advised to read the
Registration Statement, including the definitive proxy statement,
any amendments thereto, and any other documents filed in connection
with the Business Combination, as these materials will contain
important information about LLP, TWOA, Pubco and the Business
Combination. The definitive proxy statement filed with the SEC by
TWOA on March 13, 2024 and related
materials for the Business Combination were mailed to shareholders
of TWOA as of March 4, 2024.
Shareholders may also obtain copies of the Registration Statement,
including the proxy statement and other documents filed with the
SEC, without charge, at the SEC's website at www.sec.gov, or by
directing a request to: two, 195 US HWY 50, Suite 208, Zephyr Cove, NV 89448; Tel: (310)
954-9665.
Participants in the Solicitation
TWOA and its directors and executive officers may be deemed
participants in the solicitation of proxies from TWOA's
shareholders with respect to the Business Combination. A list of
the names of those directors and executive officers and a
description of their interests in the Business Combination is
contained in TWOA's filings with the SEC and in the Registration
Statement.
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
Business Combination. A list of the names of such directors and
executive officers and information regarding their interests in the
Business Combination is included in the Registration Statement,
which was filed with the SEC and is available free of charge at the
SEC's website at www.sec.gov.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Business Combination. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
View original
content:https://www.prnewswire.com/news-releases/latam-logistic-properties-sa-announces-milestone-lease-agreement-in-peru-302091377.html
SOURCE LatAm Logistic Properties S.A.