Mexico City, December 19, 2024 – The International Finance Corporation (IFC), a member of the World Bank Group, announced its participation in Vesta’s US$545 million Global Syndicated Sustainable Credit Facility to support the development of green industrial parks in Mexico.
The credit facility entails a US$100 million sustainability-linked loan provided by IFC together with US$445 million syndicated term loan and a standby revolving line provided by commercial banks. IFC acted as Sustainability Coordinator for the entire Facility.
IFC will also provide an advisory engagement to develop a comprehensive decarbonization strategy for Vesta’s portfolio of real estate assets supported by IFC's Green Pathways for Real Estate Institutional Portfolios (GRIP) decarbonization program.
Investments aimed at developing green industrial parks and facilitating nearshoring in Mexico align with the World Bank Group's objectives to support private sector investment and help the government achieve its climate change goals.
Juan Sottil, Vesta’s Chief Financial Officer, commented: “We’re pleased to have completed this new financing. It provides us with continued access to strategic liquidity reserves at a competitive cost, as we remain focused on executing our short- and long-term initiatives aligned with Vesta’s Route 2030 growth plan and with our stated balance sheet guidelines to ensure Vesta’s continued prudent financial management. We appreciate the support of our current lenders as well as our new institutional lenders and look forward to continuing to partner with them in the future.”
"Mexico's strategic location and robust industrial base make it an ideal destination for nearshoring investments. By partnering with Vesta to develop green industrial parks, we are not only supporting Mexico's economic growth but also promoting sustainable development and climate resilience," said Olaf Schmidt, Director of Manufacturing, Agribusiness and Services in Europe, Latin America and the Caribbean at IFC. “The development of green industrial parks will not only meet the growing demand for industrial space but also set new standards for sustainability in Mexico's real estate market, setting a benchmark for other developers and attracting further investments”.
In 2023, Vesta was recognized as an EDGE Champion by IFC, acknowledging its commitment to decarbonizing its building portfolio. This acknowledgment from IFC underscores Vesta's dedication to sustainability through the adoption of EDGE (Excellence in Design for Greater Efficiencies), IFC's innovative green building certification. To date, Vesta has achieved EDGE certification for over 470,000 square meters of space.
About Vesta
Vesta is a real estate owner, developer and asset manager of industrial buildings and distribution centers in Mexico. As of September 30, 2024, Vesta owned 221 properties located in modern industrial parks in 16 states of Mexico totaling a GLA of 39.1 million sf (3.6 million m2). Vesta has several world-class clients participating in a variety of industries such as automotive, aerospace, high-tech, pharmaceuticals, electronics, food and beverage and packaging. For additional information visit: www.vesta.com.mx.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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