Logistic Properties of the Americas (LPA) said it has received regulatory approval for the $145 million sale of its Parque Logístico Lima Sur asset in Peru to Fibra Prime, the country's leading REIT, with closing expected soon.
The transaction marked a gain of approximately 22% above book value, according to an exit cap rate slightly above 7%, the company said at the Water Tower Research Virtual Insights Conference.
CEO Esteban Saldarriaga and CFO Paul Smith presented the firm's operational highlights and strategic direction. Portfolio occupancy has held at 100% for three consecutive quarters. Second-quarter average rent per square foot rose 10% year-over-year, part of a multi-year trend, while same-property net operating income climbed nearly 16%. Revenue grew more than 25% in the most recent quarter even as general and administrative expenses declined.
Under IFRS reporting, LPA marks its assets to market each quarter using third-party independent appraisals.
Approximately $85 million of the Lima sale proceeds will be redeployed into Mexico over the next 12 to 18 months, the company said. Management described its Mexico strategy as focused on the 57D corridor—a USMCA highway corridor outside Mexico City—and sub-markets less crowded than the northern border. The firm is deliberately steering clear of automotive exposure, targeting institutional customers in e-commerce, logistics, and consumer goods instead.
Peru posted revenue growth of more than 50% in the period, boosted by a new tenant, PepsiCo. Colombia grew about 30%.
Leases in LPA's portfolio typically run seven to ten years with annual step-ups, carrying an average unexpired lease term of 4.5 years. Its development pipeline stands at roughly 92% pre-leased, spanning four countries and approximately 6.2 million square feet.
Management highlighted demand drivers across essentials categories—consumer goods, e-commerce, logistics—alongside early demand from AI-related industries needing logistics infrastructure. Supply chains were described as shifting toward regional networks and "just-in-case" inventory models.
InvestingPro data cited at the conference showed LPA trading at a price-to-earnings ratio of 5.94 and a price-to-book ratio of 0.37.
A forward purchase structure called Central Park 57 was also noted during the presentation.
