(Note: This is NOT an IPO. This is an NYSE uplisting. Vesta Real Estate’s stock already trades on the Mexican Stock Exchange under the symbol “VESTA” – the prospectus says. This is a public offering of American Depositary Shares (ADS) to be listed on the New York Stock Exchange under the proposed symbol “VTMX” – with each ADS representing 10 common shares.)

We are a holding company. We own, operate and lease industrial properties across 15 states in Mexico. (Incorporated in Mexico)

Our portfolio consisted of 202 buildings with 33.7 million square feet of gross leasable area (“GLA”) and a stabilized occupancy rate of 96.7 percent as of March 31, 2023.  We develop light manufacturing and distribution centers through Build-to-Suit (BTS) buildings designed to our clients’ specific needs. We also develop “inventory buildings” without a lease for clients that do not have the time or interest in BTS buildings.

“We believe that we are one of the only fully vertically integrated and internally managed Mexican industrial real estate companies that owns, manages, develops and leases industrial properties, on a large scale, in Mexico, which we believe differentiates us from our competitors,”  the prospectus says.

Note: Revenue and net income are in U.S. dollars for the 12 months that ended March 31, 2023.

(Note: Vesta Real Estate priced its U.S. public offering of 12.5 million American Depositary Shares (ADS) on June 29, 2023, at US$31.00 to raise $387.5 million – in connection with its plan to list its ADS on the NYSE (an NYSE uplisting). The U.S. listing price of $31.00 is below the as-converted last closing price of $32.31 for Vesta’s stock on the Mexican Stock Exchange. Vesta Real Estate filed an F-1/A dated June 26, 2023, in which it disclosed that it will offer 12.5 million shares in a public offering in connection with its NYSE uplisting. Vesta also named two co-managers for its public offering: Santander and UBS Investment Bank. Vesta did not disclose a price or a pricing date. From the prospectus: “On June 23, 2023, the last reported sales price of our common shares on the BMV (Mexico Stock Exchange) was Ps.55.09 per common share (equivalent to approximately US$3.21 per common share or US$32.07 per ADS, based on the exchange rate of Ps.17.18 per US$1.00 announced publicly by the Mexican Central Bank (Banco de México) on such date). The price per ADS in this offering will be determined by reference to the closing price of the common shares on the last BMV trading date prior to the pricing date.” *Using the US$32.07 per ADS price in the prospectus, Vesta Real Estate’s offering of 12.5 million ADS would raise $401.0 million.) 

(Note:Vesta Real Estate filed its F-1 dated June 8, 2023. The Mexico City-based company filed confidential documents with the SEC on March 27, 2023.)