Vesta Signs 1 Million SF Of Lease Agreements With Internatio

|Apr 13|magazine6 min read

MEXICO CITY, April 13, 2020 /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 signing of two built-to-suit (BTS) projects with an international e-commerce player and a global food and beverage company for 660,075 square feet and 339,478 square feet of space, respectively.

For the former company, Vesta will develop a BTS facility with 660,075 square feet of gross leasable area (GLA) at Vesta Park Guadalajara, which offers last-mile attributes that are crucial to e-commerce companies. The facility will be developed in two phases: 349,011 square feet of space is to be delivered in the fourth quarter of 2020, followed by 311,064 square feet to be delivered in the fourth quarter of the following year. Vesta expects to invest a total of US$ 39 million.

The BTS project for the global food and beverage company will have a total GLA of 339,478 square feet and be located at Vesta Park Puebla I. Vesta plans a total investment of US$ 15 million.

Both facilities will be LEED certified, consistent with Vesta's Level 3 Strategy, under which sustainable buildings are promoted and made available to clients. Each facility is designed to allow for future expansion opportunities.

"The signing of these two contracts with high-quality international companies marks another important step for Vesta, as we continue effectively executing our Level 3 Strategy to achieve our 2024 goals, such as further penetrating the e-commerce and consumer goods markets and continuing to diversify our tenant base with greater representation within the logistics sector," said Lorenzo Dominique Berho, Chief Executive Officer of Vesta.

About Vesta
Vesta is a best-in-class, fully integrated real estate company that owns, manages, acquires, sells, develops and re-develops industrial properties in Mexico. As of December 31, 2019, Vesta owned 184 properties located in modern industrial parks in 14 states of Mexico totaling a GLA of 29.8 million ft2 (2.76 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.

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SOURCE Corporación Inmobiliaria Vesta, S.A.B. de C.V.