Logistic Properties of the Americas Announces $120 million Refinancing of Two Logistics Parks in Costa Rica and Peru

Logistic Properties of the Americas (NYSE American: LPA) (together with its subsidiaries, “LPA” or the “Company”), a leading developer, owner, and manager of institutional quality, Class A industrial and logistics real estate in Central and South America, today announced the refinancing of $120 million of its mortgage loans related to the Company’s La Verbena Logistics Park in Costa Rica and Lima Sur Logistics Park in Peru.

Paul Smith, LPA’s Chief Financial Officer, said: “As part of our financial strategy we refinanced LPA’s La Verbena and Lima Sur logistics parks, in order to decrease our financing costs and extend our debt maturity profile. Through proactive liability management, we endeavor to maintain our financial flexibility and strengthen our balance sheet to further invest in meeting growing demand from top-tier companies for premium real estate properties in LPA’s current and target markets.”

LPA entered into a new $60 million 15-year mortgage loan for the La Verbena Logistics Park with Banco BAC San José, S.A. (“BAC”). The new loan bears interest at a rate of three-month SOFR plus 2.00% (with a floor of 5.5%) and has a 20-year amortization profile. The proceeds from this loan were used to repay the previous $48.05 million 10-year mortgage loan with BAC, which had an interest rate of three-month SOFR plus 3.78% and a 15-year amortization profile. The Company intends to use the remainder of the proceeds from this loan to reinvest in other properties within its platform as well as to develop new properties.

Additionally, LPA entered into a new $60 million, 10-year mortgage loan for the Lima Sur Logistics Park with Banco BBVA Peru. The new sustainability-linked loan has two tranches and a 35% balloon payment due at maturity. The Tranche A loan is for an amount of $48.7 million and bears a fixed interest rate of 8.40%. The Tranche B loan is for an amount of $11.3 million and bears a fixed interest rate of 8.50%. The interest rates of both tranches are set at a 20-basis point discount, assuming the Company meets certain sustainability benchmarks on a timely basis. The proceeds of Tranche A were used to repay the balance of a $44 million loan provided by the International Finance Corporation (“IFC”). LPA intends to use the proceeds of Tranche B for reinvestment in and expansion of its property platform.