ZEPHYR COVE, Nev. and SAN JOSÉ, Costa Rica, Feb. 20, 2024 (GLOBE NEWSWIRE) -- two (NYSE:TWOA) ("TWOA") today announced that it has entered into a subscription agreement for a private placement of 1.5 million ordinary shares at a price of $10.00 per share, which is expected to yield gross proceeds of $15 million, to be consummated in connection with the closing of its business combination with LatAm Logistic Properties S.A. (d/b/a LatAm Logistic Properties) ("LLP"). In the business combination, each of LLP and TWOA will merge with newly-formed subsidiaries of Logistic Properties of the Americas, a newly-formed holding company ("Pubco"), and Pubco will be the publicly traded parent company of each of TWOA and LLP following the consummation of the business combination.
"As a leading industrial and logistics real estate company in Central and South America, LLP continues to demonstrate the platform value of vertically integrated development, ownership, and management of institutional quality, class A industrial real estate," said Thomas Hennessy, Chairman and CEO of TWOA. "This investment affirms that institutional investors recognize this value and have strong conviction in LLP's management. As we approach the final stages of closing on this important transaction, this common equity investment will support the growth plan to drive value for our stakeholders."
"We are excited about this strategic investment, which underscores the confidence in our business model and growth prospects," said Esteban Saldarriaga, CEO of LLP. "This equity infusion will further strengthen our position as a leading player in our region's industrial and logistics real estate sector, enabling us to pursue our expansion plans, including Mexico, and positioning us to deliver high-quality assets for our current and prospective tenants."
On August 15, 2023, LLP and TWOA entered into a definitive business combination agreement that would result in LLP becoming a publicly traded company. As a result of the business combination, LLP and TWOA shareholders will exchange their shares for shares in Pubco, in accordance with the terms of the business combination agreement. Upon closing of the transaction, Pubco's ordinary shares are expected to be listed on the New York Stock Exchange ("NYSE") under the new ticker symbol "LPA."
About LatAm Logistic Properties
LatAm Logistic Properties, S.A. is a leading developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America. LLP's customers are multinational and regional e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies. LLP's strong customer relationships and insight is expected to enable future growth through the development and acquisition of high-quality, strategically located facilities in its target markets. As of September 30, 2023, LLP consisted of an operating and development portfolio of twenty-eight logistic facilities in Colombia, Peru and Costa Rica totaling more than 650,000 square meters (approximately 7.0 million square feet) of gross leasable area.
About two
two is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. For more information, visit twoaspac.com.
Forward-Looking Statements
This communication contains certain forward-looking information with respect to the business combination, which may not be included in future public filings or investor guidance. Certain statements in this communication may be considered forward-looking statements within the meaning of federal securities laws. Forward-looking statements include, without limitation, statements about future events or LLP's, TWOA's or Pubco's future financial or operating performance. For example, statements regarding the benefits of the business combination, and the anticipated timing of the completion of the business combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the ...