WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) has closed a USD 10 million loan with Plaza Logistica S.R.L. (Plaza) to fund the expansion of Plaza’s Class A warehousing facility located in Buenos Aires, Argentina. The company is controlled by Benjamin H. Griswold and Eduardo Bastitta Harriet.
With the proceeds of the financing, Plaza is scheduled to complete an additional 13,600m2 of Class A warehouse space for a leading footwear manufacturer in early 2011. The completion of the construction will bring Plaza’s total leased space to over 57,000 m2.
This project will have a positive developmental impact on the host country, Argentina by increasing the supply of Class A warehouse space, for which demand is strong but supply is limited in the greater Buenos Aires (GBA) market. The availability of Class A warehousing space has decreased in recent years creating a deficit of warehousing space relative to tenants’ needs. The project will support the creation of new local jobs that will receive benefits and be protected by a strong EEO policy. Local procurement will increase demand for local building materials and services.
“Serving a portion of the pent up demand for modern logistics facilities will allow companies operating in GBA to expand and will promote economic growth in the area” said Eduardo Bastitta Harriet, the Chief Executive Officer of Plaza Logistica.
“We are very excited about our long-term partnership with OPIC. This step is part of our Company’s long term commitment to infrastructure investment in Argentina” said Benjamin H. Griswold, US Sponsor and Plaza’s Managing Member.
Interlink Capital Strategies (ICS) acted as the financial advisor and Fiorito Murray & Díaz Cordero acted as legal advisor for Plaza Logistica in this transaction.
The Overseas Private Investment Corporation was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market –based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.
OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 39-year history, OPIC has supported $194 billion worth of investments that have helped developing countries to generate over 842,000 host-country jobs. OPIC projects have generated $74 billion in U.S. exports and supported more than 274,000 American jobs.