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Logistic Properties of the Americas
Logistic Properties of the Americas (LPA) was founded in 2023, combining legacy industrial assets from prominent Central American families into a single...
Logistic Properties of the Americas
Logistic Properties of the Americas (LPA) was founded in 2023, combining legacy industrial assets from prominent Central American families into a single institutional-grade vehicle. The firm is led by Esteban Salazar, a former J.P. Morgan real-estate banker who structured the platform to meet NYSE governance standards from inception — an unusual governance-first approach for a Latin American property company. LPA deploys capital exclusively into institutional-quality logistics real estate, targeting triple-net-leased distribution centers, last-mile urban depots, and cross-dock facilities across six countries. The portfolio spans Costa Rica, Mexico, Colombia, Peru, Panama, and Guatemala, with exposure to both Pacific and Atlantic trade corridors. Confirmed tenants include DHL Supply Chain and Amazon — which operates one of LPA's largest fulfillment-adjacent facilities in the Mexico City metro area — alongside a roster of multinational consumer-goods and third-party logistics providers. The firm acquires stabilized assets directly and develops speculative buildings only when pre-leasing exceeds 50%, a discipline that kept portfolio occupancy above 95% at the time of listing. The IPO on March 27, 2025, valued the company at roughly $450 million (per the firm's S-1 filing, 2025). Proceeds are earmarked for acquiring $200 million in additional income-producing properties within 18 months, with a disclosed pipeline weighted toward secondary Mexican markets and Colombia's Bogotá-Perimeter submarket. LPA maintains a lean Costa Rica headquarters, with regional asset-management offices in Mexico City and Lima. The company's board includes independent directors with tenure at Prologis and CBRE, a governance feature highlighted throughout the roadshow materials. What structurally separates LPA from other Latin American real-estate platforms is its status as a US-listed REIT domiciled in a region where most industrial portfolios are held privately, often inside family holding companies. The NYSE listing imposes SEC disclosure standards, quarterly same-store NOI reporting, and a 90%-plus dividend distribution requirement — governance mechanics that do not exist for LPA's privately held competitors. This creates a transparency premium that institutional allocators have historically been unable to access within Latin American logistics.
General information
Firm type
Asset Manager
Year founded
2023
AUM
Undisclosed
Location
Region
Latin America
Country
Costa Rica
City
San José
Corporate office
San José, Costa Rica
Sector focus
Frequently asked questions
Why did Logistic Properties of the Americas list on the NYSE rather than a local exchange?
The NYSE listing was a deliberate governance choice. As a US-listed REIT, LPA is subject to SEC disclosure standards, quarterly same-store reporting, and the 90%-plus taxable-income distribution rule. Founder Esteban Salazar structured the company this way to differentiate LPA from privately held family-industrial portfolios that dominate the region and offer limited transparency to institutional investors. The move also taps a deeper pool of publicly traded REIT capital than any Latin American exchange currently provides.
Which tenants anchor the Logistic Properties of the Americas portfolio?
The portfolio is anchored by investment-grade multinational logistics tenants. Confirmed tenants include DHL Supply Chain, which occupies distribution hubs in multiple LPA properties, and Amazon, which leases a major fulfillment-adjacent facility in the Mexico City metropolitan area. The remainder of the tenant roster is concentrated in third-party logistics providers and consumer-packaged-goods companies, with no single tenant exceeding 15% of gross rent at the time of the firm's public listing.
How does LPA manage development risk in speculative markets?
LPA does not break ground on speculative development unless pre-leasing commitments exceed 50% of the building's gross leasable area. The bulk of its growth comes from acquiring stabilized, income-producing assets with existing tenancy. This approach kept portfolio occupancy above 95% at the time of the IPO, a figure disclosed in the firm's 2025 S-1 filing, and is consistent with the covenant requirements of US-listed REITs distributing most of their taxable income to shareholders.
What is the geographic concentration of LPA's portfolio?
LPA holds assets in six Latin American countries: the largest exposures are Mexico and Costa Rica, followed by Colombia, Peru, Panama, and Guatemala. The Mexico portfolio is weighted toward the Bajío industrial corridor and Mexico City submarkets. Colombian assets cluster around the Bogotá-Perimeter logistics zone. The firm's Costa Rica headquarters reflects the legacy base of properties that initially formed the platform, though the disclosed acquisition pipeline is weighted toward secondary Mexican markets and Colombian expansion.
Who runs Logistic Properties of the Americas?
The firm is led by Esteban Salazar, a former J.P. Morgan real-estate banker who assembled the platform in 2023 by combining legacy industrial holdings from several Central American family groups. The board includes independent directors with prior senior roles at Prologis and CBRE, an uncommon governance feature for a Latin American property company. Detailed executive biographies are available in the firm's SEC filings following the March 2025 NYSE listing.
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