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SAN JOSE, Costa Rica, November 12, 2024--(BUSINESS WIRE)--Logistic Properties of the Americas (NYSE American: LPA) (together with its subsidiaries, "LPA" or the "Company"), announced today that it had entered into a strategic partnership with Inmobiliaria y Constructora Alas, S.A. de C.V. ("Falcon"), a leading real estate developer in Mexico, marking LPA’s entry into the Mexican market. The partnership with Falcon enables LPA to establish a strong foothold in Mexico’s rapidly growing manufacturing industry by adding two operating properties with a combined gross lease area of 257,677 square feet, anchored by DHL as a tenant, to LPA’s portfolio.
Furthermore, this strategic alliance will expand the Company’s regional presence by granting LPA immediate access to Falcon’s extensive experience in Mexico’s industrial and logistics market gained through more than 65 years of operation, firmly established relationships with Mexico’s key landowners, and a solid local network of clients and developers.
This transaction, which is expected to close in early 2025, grants LPA an initial operational scale and a solid foundation to develop top-tier logistics solutions for new clients in Mexico. The partnership with Falcon underscores LPA's commitment to a value enhancing expansion strategy in Latin America and further diversifies the Company’s regional vertically integrated real estate platform.
"We are thrilled to partner with Falcon to enter the dynamic and rapidly growing Mexican market, which is increasingly crucial to the global supply chain," said Esteban Saldarriaga, CEO of LPA. "This alliance is a pivotal step in our expansion strategy and demonstrates LPA’s ability to effectively collaborate with strong local partners to develop Class A assets and bolt on existing asset portfolios in Mexico. With Falcon’s local market insight and extensive design-to-build expertise, we are enhancing our ability to deliver significant long-term value to our investors and bring best-in-class logistics solutions to some of the world’s leading companies operating in Mexico."
Francisco Alvarez Rojo, Co-CEO of Falcon, added, "We are excited to join forces with LPA to bring their unique regional perspective and expertise to Mexico, to develop and operate world-class industrial and logistics real estate. This partnership leverages our combined strengths to ensure LPA’s successful entry into Mexico’s vibrant and rapidly expanding market. We look forward to supporting LPA’s growth, and to providing premium facilities that meet the evolving needs of top-tier customers in Mexico."