ZEPHYR COVE, Nev. and SAN JOSÉ, Costa Rica - Special purpose acquisition company two (NYSE: TWOA) disclosed Monday that it has secured a private placement of 1.5 million shares priced at $10.00 each, in anticipation of its upcoming business combination with LatAm Logistic Properties S.A. (LLP). This transaction is expected to generate $15 million in gross proceeds.
The business combination, announced on August 15, 2023, involves the merger of each LLP and TWOA with subsidiaries of a new holding company, Logistic Properties of the Americas (Pubco). Upon completion, Pubco will become the publicly traded parent entity of both LLP and TWOA, with its shares to be listed on the New York Stock Exchange under the ticker symbol LPA.
Thomas Hennessy, Chairman and CEO of TWOA, expressed that the investment reflects institutional investors' confidence in LLP's management and the intrinsic value of its vertically integrated platform in industrial real estate within Central and South America. Esteban Saldarriaga, CEO of LLP, also conveyed enthusiasm for the investment, noting its reinforcement of LLP's position in the regional industrial and logistics real estate sector.
LLP operates as a developer, owner, and manager of class A industrial and logistics real estate, catering to a customer base that includes multinational and regional e-commerce retailers, logistic operators, and distribution companies. As of September 30, 2023, LLP's portfolio comprised 28 logistic facilities across Colombia, Peru, and Costa Rica, totaling over 7 million square feet in gross leasable area.
This news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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