Update: Logistic Properties of the Americas Surges Premarket After Unveiling Plans to Sell Peru Logistics Park for $145 Million
(Updates with the stock move in the headline and the first paragraph.)Logistic Properties of the Americas' (LPA) shares were up more than 59% in Thursday's premarket activity after the company overnight said it agreed to sell Parque Logistico Lima Sur, a logistics park in Lima, Peru, to FIBRA Prime for $145 million.Subject to regulatory approvals and customary closing conditions, FIBRA Prime will acquire 100% of the asset, a transaction that the company said validates the carrying value of its real estate portfolio and supports its book value of about $8 per ordinary share.The company said late Wednesday the sale is expected to generate $85 million in net proceeds after debt repayment and before taxes, which it plans to redeploy into its expansion pipeline in Mexico.Price: $5.11, Change: $+1.90, Percent Change: +59.21%
