Vesta Finalizes Portfolio Sale For US$ 107.8 Million
MEXICO CITY, Dec. 8, 2021 /PRNewswire/ -- Corporación Inmobiliaria Vesta, S.A.B. de C.V. ("Vesta") (BMV: VESTA), one of Mexico's leading pure play industrial real estate developers, today announced the fulfillment of conditions and successful completion of the sale of a portfolio ("the Portfolio") comprised of two industrial properties equivalent to 1,371,129 square feet located in Querétaro and Ciudad Juárez, as was announced on July 27, 2021. The Portfolio was sold for US$ 107.8 million, corresponding to the full amount so agreed.
"We are very pleased with the outcome of our most recent portfolio sale, where our asset recycling strategy was executed seamlessly and successfully per our Level 3 Strategy," commented Lorenzo Dominique Berho, CEO of Vesta. "Vesta's exceptional properties continue to attract premier tenants, and the proceeds from this sale enables us to strengthen Vesta's balance sheet while gaining financial flexibility to continue investing in the development of high quality buildings, focusing on the regions with highest growth in the country aligned with our growth strategy."
Vesta is a best-in-class, fully integrated real estate company that owns, manages, acquires, sells and develops industrial properties in Mexico. As of September 30, 2021, Vesta owned 189 properties located in modern industrial parks in 15 states of Mexico totaling a GLA of 31.6 million ft2 (2.9 million m2). The Company has multinational clients, focused on industries such as consumer retail, aerospace, automotive, food and beverage, logistics, medical devices and plastics, among others. For more information visit: www.vesta.com.mx
This communication may include statements about future events or other types of estimates in accordance with the legislation of the stock market. Statements about future events include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and may contain words such as "believe", "anticipate", "expect", "anticipate", " will result", "plan", "continue "or any other similar word or phrase. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Vesta's control, which may result in material differences from what is stated or implied in the information so declared. Some of the factors that may affect results may include, but are not limited to: general and local economic and business conditions; employment levels; interest rates and regulations; uncertainties associated with the timing and amount of future financing; risks related to the outbreak and spread of COVID-19 and the measures that governments, agencies, police forces and / or health authorities take to attend to them; the financial conditions of the tenants; leasing risks, including those associated with the ability to rent vacant space; rental rates in future leases and fluctuations in exchange rates. The Company's forward-looking statements and objectives are based on certain assumptions, including that the general economy and interest rates remain stable, real estate market conditions remain consistent, competition for acquisitions remains consistent with the current climate, and that capital markets continue to provide access to capital and / or debt. All forward-looking statements in this release refer to the date when made. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or for any other reason, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in the Company's statements to the National Banking and Securities Commission and in the latest reports to the Mexican Stock Exchange. These reports are also available on the company's website: www.vesta.com.mx
SOURCE Corporación Inmobiliaria Vesta, S.A.B. de C.V.
Released December 8, 2021