Vesta Real Estate, which owns and operates industrial real estate properties in Mexico, raised $388 million by offering 12.5 million ADSs at $31, below the as-converted last close of its shares on the Mexican Stock Exchange ($32.31).
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%.
Vesta Real Estate plans to list on the NYSE under the symbol VTMX. Citi, BofA Securities, Barclays, Morgan Stanley, and Scotia Capital acted as joint bookrunners on the deal.
