Vesta Signs New BTS Lease Agreement With Coppel At Vesta Park Guadalupe In Monterrey, Nuevo Leon
- Represents a US $30 million combined investment
MEXICO CITY, Nov. 25, 2020 /PRNewswire/ -- Corporación Inmobiliaria Vesta, S.A.B. de C.V. ("Vesta") (BMV: VESTA), one of the leading pure play industrial real estate developers in Mexico, today announced that it has signed a lease agreement with Coppel, Mexico's leading retailer. The agreement is for a BTS building within the Vesta Park Guadalupe in the city of Monterrey, Nuevo Leon- the Company's first industrial park in this strategically important development hub.
Coppel will open its new distribution center in a 169,000 square foot building within the Vesta Park Guadalupe, with potential future expansion. The building is LEED certified and will begin operation in April 2021.
Vesta will invest up to US$ 14 million dollars in both the Coppel distribution center and in Vesta Park Guadalupe while Coppel will invest up to US$ 16 million dollars in building TIs, leasing and human capital over the next 10 years.
Coppel selected the Vesta Park Guadalupe due to the Park's considerable competitive advantages, including its strategic location within the Guadalupe area and access to key city arteries such as Avenida Morones Prieto, Avenida Constitución, and Mexico Highway 40 which provides access to the Monterrey International Airport and to Reynosa, a US border city. Coppel also chose Vesta Park Guadalupe due to the strict environmental criteria Vesta adheres to during construction and considerable social investments in the surrounding community for which Vesta is known.
"We have arrived in Monterrey as Mexico's industrial real estate powerhouse, consistent with our well-established strategy of targeting the best and most desirable strategic locations. Our unique ability to customize our properties ensures we're aligned with our clients' needs and requirements, with last mile locations and solutions including turnkey construction already adapted to today's shift towards e-commerce and related requirements such as high ceilings for maximum efficiency, among others, to ensure we continue to attract premium retailers," said Lorenzo D. Berho, Vesta's Chief Executive Officer.
Domingo Soto, Chief Real Estate Officer of Coppel, added: "This is the first lease Coppel has signed with Vesta, driven by our need for a new distribution center that is optimally located to ensure we're able to successfully address the region's ever increasing retail and e-commerce demand. The building will be ready by the end of the first quarter 2021 and provides us with the flexibility to ensure we're able to expand within the existing space. Coppel's Vesta Park Guadalupe distribution center is a key component to our omni-channel strategy as we leverage our solid physical presence to expand within the digital channel. We therefore look forward to strengthening our relationship with Vesta."
SOURCE Corporación Inmobiliaria Vesta, S.A.B. de C.V.
Company Codes: Mexico:VESTA
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