Vesta Real Estate, which owns and operates industrial real estate properties in Mexico, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The company is currently listed on the Mexican Stock Exchange under the symbol "VESTA".
Vesta is a fully-integrated, internally managed real estate company that owns, manages, develops, and leases industrial properties in Mexico. The company operates properties across fifteen Mexican states, and as of March 31, 2023, its portfolio contained 202 buildings with a total gross leasable area of 33.7 million square feet and a stabilized occupancy rate of 96.7%.
The Mexico City, Mexico-based company was founded in 1998 and booked $186 million in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol VTMX. Vesta Real Estate filed confidentially on March 28, 2023. Citi, BofA Securities, Barclays, Morgan Stanley, and Scotia Capital are the joint bookrunners on the deal. No pricing terms were disclosed.
