Vesta Finalizes Sales Of Property Portfolio For $109.3 Million
MEXICO CITY, May 6, 2019 /PRNewswire/ -- Corporación Inmobiliaria Vesta, S.A.B. de C.V. ("VESTA" or the "Company") (BMV: Vesta), one of the leading pure-play industrial real estate companies in Mexico, announced today the fulfillment of the conditions and therefore the previously announced agreement to sell a property portfolio (the "Portfolio") with the signing of a contract of sale and the receipt of US$ 109.3 million, the price agreed upon. Under the terms of the final agreement, Vesta will provide the buyer with property management services for the Portfolio, as announced on April 22, 2019.
The Portfolio totals 1.6 million square-feet and consists of eight industrial properties located in Queretaro and Toluca.
Proceeds from the sale will allow Vesta to continue strengthening its balance sheet, while providing additional financial flexibility to further diversify capital allocation to portfolio development and property acquisitions, as well as make share repurchases under the Company´s existing share buyback program.
Vesta is a real estate owner, developer and asset administrator of industrial buildings and distribution centers in Mexico. As of March 31, 2019, Vesta owned 187 properties located in modern industrial parks in 14 states of Mexico totaling a GLA of 30.4 million ft² (2.83 million m²). The Company has multinational clients, which are focused in industries such as aerospace, automotive, food and beverage, logistics, medical devices, and plastics, among others. For additional information visit: www.vesta.com.mx.
SOURCE Corporación Inmobiliaria Vesta, S.A.B. de C.V.
Released May 6, 2019