LatAm Logistic Properties (LLP), a developer, owner and manager of institutional quality Class A industrial and logistics real estate in Central and South America, said it signed a lease agreement in Peru with a globally-renowned food and beverage company. LatAm has a $286 million merger agreement with SPAC two, whose shareholders are scheduled to vote on the deal March 25.
The lease greement is considered a milestone as it represents LLP’s highest value contract to date, with projected rental revenue of over $43 million during the lease term. The ten-year lease for 239,000 square feet, will commence June 2025. This lease agreement underscores multinational companies’ overall confidence in the region and Peru’s position as a strategic location for their operations, LatAm said.
Terms of the merger agreement call for LatAm Logistic to receive 28.6 million shares valued at $10 each. There is a minimum cash closing condition of $25 million, which assumes 70% redemptions by the SPAC’s public shareholders. Read more.
