Vesta announces its investment plan for the State of Guanajuato
Mexico City, December 18, 2014 – Corporacion Inmobiliaria Vesta, S.A. B. de C. V. (“VESTA”) (BMV: Vesta), one of the leading pure play industrial real estate developers in Mexico, announces its plan to invest approximately US$ 170 million in the State of Guanajuato during the 2015-2018 period.
As previously published in the Company’s third quarter, 2014, results, Vesta acquired 47.3 hectares of land reserves within the Guanajuato Inland Port in Silao, Guanajuato, for a total cost of US$ 18.2 million. The Company plans to develop approximately 217,000 m² (2,335,768 ft²) in ten buildings, representing a total investment of up to US$ 81.8 million, including infrastructure costs. The park’s infrastructure and the first two multitenant buildings, representing 40,608 m² (437,101 ft²) will begin construction in February, 2015 and require a total investment of US$ 21.1 million.
Vesta has signed a binding LOI to acquire land reserves totaling 30.7 hectares within the Poligono Empresarial San Miguel de Allende. The land will be used to develop approximately 142,600 m² (1,534,933 ft²) in eleven buildings, representing a total investment of up to US$ 64.9 million.
Additionally, Vesta acquired 5 hectares in the same park to develop a 11,305 m² (121,686 ft²) build to suit project with STANT Corporation, a U.S. automotive supplier. The investment will total US$ 6.2 million and the rental payments will start in April, 2015. The Cap rate is expected to be 11.3%.
Vesta plans to continue to acquire land reserves in the Bajio region in order to meet increased demand for industrial space within this market.
About VESTA
Vesta is a real estate owner, developer and asset administrator of industrial buildings and distribution centers in Mexico. As of September 30, 2014, Vesta owned 108 properties located in modern industrial parks in 12 states of Mexico totaling a GLA of 16.6 million square feet (1.5 million square meters). 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.
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflects the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact in Mexico:
Juan Sottil, CFO
jsottil@vesta.com.mx
Iga Wolska, IRO
iwolska@vesta.com.mx
investor.relations@vesta.com.mx
Tel: +52 55 5950-0070 ext.124
In New York:
Katja Buhrer
katja.buhrer@mbsvalue.com
Tel: +1 212 661-7004
Released December 18, 2014