Vesta Pace of Construction to Accelerate; Dec-26 PT raised to Ps70

研报英文原文证据摘录

Vesta Pace of Construction to Accelerate; Dec-26 PT raised to Ps70

J P M O R G A N Latin America Equity Research

22 May 2026

Vesta Overweight

VESTA.MX, VESTA* MM

Pace of Construction to Accelerate; Dec-26 PT raised to Price (21 May 26):Ps59.13

Ps70 ▲Price Target (Dec-26):Ps70.00 Prior (Dec-26):Ps60.00

We are updating our estimates following 1Q and the recently closed ~$243mn

follow-on. On the development pipeline, we are now embedding 150k m2 of new LatAm Real Estate

starts for the remainder of 2026 (222k m2 in total for 26e), ramping to 320k m2 in Adrian E Huerta AC

’27e (vs. 280k m2 prior) and maintaining that pace thereafter (consistent with our (52-81) 8152-8720

prior model). This implies a run-rate roughly -9% below the company’s disclosed adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Route 2030 targets (see Table 1, below). Our rationale for staying below Morgan Grupo Financiero

management’s targets is: while leasing momentum has improved and 1Q activity Felipe Barragan Sanchez

was encouraging (~150k m2, including ~90k m2 in new leases), sector-wide (52-55) 5283-1666

vacancy remains elevated—particularly in the north—and we would like to see felipe.barragan@jpmorgan.com

sustained evidence of consistent demand conversion and lease-up execution. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

Geographically, we expect new starts to be concentrated in consumption-driven

Marcelo Motta

markets: Monterrey and Guadalajara, where pre-leasing success (two buildings (55-11) 4950-6712

leased during construction in GDL) and improving absorption provide greater marcelo.g.motta@jpmorgan.com

visibility. We also anticipate some capital allocation towards Mexico City, where Banco J.P. Morgan S.A.