TWO, a Special Purpose Acquisition Company (SPAC), has entered into a definitive business combination agreement with LatAm Logistic Properties (LLP). LLP is engaged in the development, acquisition, and operation of industrial real estate assets with 28 facilities in Costa Rica, Peru, and Colombia.



Arias Costa Rica oversaw the consolidation of the Costa Rican and Panamanian due diligence. The law firm assisted TWO with closing documents from a local law perspective and assessing whether a merger control filing was required.



“As the popularity of SPAC’s acquisitions have grown in the past few years in the US, it is not yet standard to see them in the Centra American region, which makes this a complex and innovative transaction. This leveraged acquisition will definitely provide LatAm Logistics with the capacity both of continuing and expanding their operations in the region.” – Andrey Dorado, Partner at Arias Costa Rica



The estimated post-transaction enterprise value is $578 Million. LatAm Logistic Properties’ management will roll 100% of their existing shares into the equity of the combined company, upon closing, it is expected to go public on the New York Stock Exchange.



This merger brings the development of class-A warehouses to undersupplied markets. LatAm Logistic Properties is one of the only Institutional Industrial Platforms operating across Central and South America; and one of the only vertically integrated logistics real estate platforms operating across the region.



Their portfolio consists of approximately 4.8 million square feet of operating gross leasable area across a network of 28 facilities in Costa Rica, Colombia, and Peru, primarily located in high-growth consumption centers with high barriers to entry.



LLP’s properties are designed and developed to offer greater accessibility, security, and maximum optionality, which provides cost efficiencies for its multi-national and regional customers. With modern specifications, LLP is able to drive operational efficiencies in parallel with technology advancements for timely delivery of goods, implementing forward-thinking operational processes that provide clients with best-in-class service.


The lawyers involved in this transaction were:


  • Andrey Dorado, Partner in Arias Costa Rica
  • Tracy Varela, Senior Counsel en Arias Costa Rica
  • Desirée Barahona, Associate in Arias Costa Rica
  • María Cristina Fábrega, Partner in Arias Panama
  • Paula Vives, Associate in Arias Panama
  • Alexandra Lasso, Associate in Arias Panama