VESTA SIGNS LETTER OF INTENT WITH NISSAN TO BUILD COMPLEX
Mexico City, Mexico, January 11, 2013.—Corporacion Inmobiliaria Vesta, S.A. B. de C. V. (“Vesta”) (BMV: Vesta), one of the leading pure play industrial real estate developers in Mexico, announced today that on December 20th, 2012,the Company signed a letter of intent with Nissan Mexicana, S.A. de C.V. ("NISSAN") in which the main terms and conditions VESTA should meet to would develop a series of industrial buildings for NISSAN suppliers chain within its new complex in Aguascalientes.
The development of this industrial complex could imply a total investment of approximately US$ 90 million, of which US$ 55 million correspond to the first stage and will be invested on or before the following 18 months.
The parties have endeavored to make their best efforts to agree on the final terms and execute the transaction documents, on or before February 28, 2013. VESTA cannot assure that it will reach a final agreement with NISSAN or that all necessary permits and authorizations will be obtained.
VESTA would finance this complex with its own resources and would have the right to the collect the rents from the constructed buildings for a period to be agreed between NISSAN and Vesta. Both, the construction and the supervision of the project, would be hired with third parties having proven experience for this type of projects.
Corporación Inmobiliaria Vesta "VESTA", is one of the leading industrial real estate and distribution center developer in Mexico. Since 1998 the Company has grown its real estate portfolio and has 85 properties with presence in 11 states within the country and owns more than 11.4 million square feet of industrial buildings for lease. It has over 75 multinational clients focused in industries like automotive, aerospace, food and beverage, logistics, medical devices, and plastics among others. For more information go to www.vesta.com.mx or contact:
Juan Sotil/Daniel Berho
Tel: 52-55 5950-0070
In New York:
Lucia Domville, Grayling
Tel: +1 646-284-9416
Released January 11, 2013