LatAm Logistic Properties Signs Credit Agreement for More than US$100 Million

LatAm Logistic Properties, S.A. ("LLP"), a leader in the management, development, and investment of modern logistics real estate in the Andean and Central American regions, is pleased to announce that it has closed a US$107.4 million secured credit agreement with Banco Nacional de Costa Rica to refinance certain of its existing obligations.

The new credit facility will mature in April 2048 for a total term of 25 years, a fixed interest rate of 5.9% and 6.1% for the first two years, respectively, and a variable interest rate of 3M SOFR plus 140 basis points after that period. The proceeds will be used to extinguish existing debt with an average interest rate of 9.3% and a remaining term of 10 years.

"We are pleased to announce this important transaction, which is another proof of the quality of our portfolio of properties and tenants, the excellence of the human talent in our organization and our capacity and commitment to contribute to regional economic development," said Esteban Saldarriaga, CEO of LLP. "We are grateful for the support and confidence of Banco Nacional to close this significant transaction."

"This financing, with terms rarely seen in our markets and reserved only for the best issuers, increases our liquidity, strengthens and provides flexibility to our balance sheet while allowing us to optimize our capital structure," said Annette Fernandez, CFO of LLP. "This achievement is a milestone in the Latin American real estate market, especially during the current interest rate cycle, and reflects LLP’s ability to obtain financing on attractive terms, thanks to its excellent reputation and strong market positioning.

ABOUT LATAM LOGISTIC PROPERTIES

LatAm Logistic Properties is a leading company in the management, development and investment of modern logistics real estate, with a particular focus on high-growth markets and those with high barriers to entry in the Andean and Central American regions. The company’s clients include multinational and regional companies engaged in outsourced logistics, wholesale and retail distribution and e-commerce in general. The company’s strong client relationships and in-depth knowledge of the markets in which it operates provide a solid foundation for the development and acquisition of high-quality, strategically located logistics properties.

Nassar Abogados legally represented LatAm Logistics Properties in this transaction.