Global Customer Kuehne + Nagel Leases 402,000 SF for Logistics Activities
SAN FRANCISCO, April 29 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE: AMB), a leading global developer and owner of
industrial real estate, today announced it has acquired an industrial
complex near the Port of Hamburg comprising more than 930,000 square feet
(86,400 square meters) of existing buildings and 16 acres of land capable
of supporting approximately 414,000 square feet (38,400 square meters) of
additional development. Kuehne + Nagel, an AMB global customer, leased
approximately 402,000 square feet (more than 37,300 square meters) of the
park in connection with this purchase. AMB intends to maximize the
build-out potential of the site through a phased development and
redevelopment plan.
"This acquisition furthers our strategy to extend our position as the
leading owner at the Port of Hamburg. Hamburg is home to Europe's second
largest seaport which also experienced nearly 12 percent cargo growth in
the last year, making the market one of the strongest in Europe," said Guy
Jaquier, AMB's president, Europe & Asia. The industrial complex was
acquired from a leading international company of branded consumer products
for skin and beauty care.
"With the acquisition of this site, we expand our relationship with a
target global customer, Kuehne + Nagel," commented Mo Barzegar, AMB's
managing director, Europe. "Additionally, we can formalize development
plans to meet future demand for efficient logistics facilities in Hamburg,
and leverage our adaptive reuse expertise by transitioning obsolete
industrial buildings into functional port trade-related distribution
centers."
The park is less than two miles from the Altenwerder Terminals of the
Port of Hamburg. The site also has immediate access to the A7 highway, the
main north/south arterial through the region that intersects with the A1
highway, connecting Hamburg with the Rhine-Ruhr region, which is Germany's
most densely populated and industrialized region.
AMB's Europe portfolio consisted of approximately 11.7 million square
feet (1.1 million square meters) of operating and development properties as
of March 31, 2008. According to Containerisation International, more than
20 percent of all of Europe's sea cargo trade moves through Rotterdam and
Hamburg, Europe's busiest and second busiest seaports respectively, and
AMB's collective presence in these markets totaled approximately 3.6
million square feet (331,500 square meters).
AMB Property Corporation.(R) Local partner to global trade.(TM)
AMB Property Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway distribution
markets in the Americas, Europe and Asia. As of March 31, 2008, AMB owned,
or had investments in, on a consolidated basis or through unconsolidated
joint ventures, properties and development projects expected to total
approximately 150.2 million square feet (14.0 million square meters) in 45
markets within 14 countries. AMB invests in properties located
predominantly in the infill submarkets of its targeted markets. The
company's portfolio is comprised of High Throughput Distribution(R)
facilities -- industrial properties built for speed and located near
airports, seaports and ground transportation systems.
AMB's press releases are available on the company website at
http://www.amb.com or by contacting the Investor Relations department at +1
415 394 9000.
Some of the information included in this press release contains
forward- looking statements, such as the future development and
redevelopment on the site, and meeting future customer demand, which are
made pursuant to the safe- harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. Because these forward-looking
statements involve risks and uncertainties, there are important factors
that could cause our actual results to differ materially from those in the
forward-looking statements, and you should not rely on the forward-looking
statements as predictions of future events. The events or circumstances
reflected in forward-looking statements might not occur. You can identify
forward-looking statements by the use of forward-looking terminology such
as "believes," "expects," "may," "will," "should," "seeks,"
"approximately," "intends," "plans," "pro forma," "estimates" or
"anticipates" or the negative of these words and phrases or similar words
or phrases. You can also identify forward-looking statements by discussions
of strategy, plans or intentions. Forward-looking statements are
necessarily dependent on assumptions, data or methods that may be incorrect
or imprecise and we may not be able to realize them. We caution you not to
place undue reliance on forward-looking statements, which reflect our
analysis only and speak only as of the date of this report or the dates
indicated in the statements. We assume no obligation to update or
supplement forward-looking statements. The following factors, among others,
could cause actual results and future events to differ materially from
those set forth or contemplated in the forward- looking statements:
defaults on or non-renewal of leases by tenants, increased interest rates
and operating costs, our failure to obtain necessary outside financing,
re-financing risks, risks related to our obligations in the event of
certain defaults under joint venture and other debt, risks related to debt
and equity security financings (including dilution risk), difficulties in
identifying properties to acquire and in effecting acquisitions, our
failure to successfully integrate acquired properties and operations, our
failure to divest properties we have contracted to sell or to timely
reinvest proceeds from any divestitures, risks and uncertainties affecting
property development and construction (including construction delays, cost
overruns, our inability to obtain necessary permits and public opposition
to these activities), our failure to qualify and maintain our status as a
real estate investment trust, risks related to our tax structuring, failure
to maintain our current credit agency ratings, environmental uncertainties,
risks related to natural disasters, financial market fluctuations, changes
in general economic conditions or in the real estate sector, changes in
real estate and zoning laws, a downturn in the U.S., California or global
economy, risks related to doing business internationally and global
expansion, losses in excess of our insurance coverage, unknown liabilities
acquired in connection with acquired properties or otherwise and increases
in real property tax rates. Our success also depends upon economic trends
generally, including interest rates, income tax laws, governmental
regulation, legislation, population changes and certain other matters
discussed under the heading "Risk Factors" and elsewhere in our annual
report on Form 10-K for the year ended December 31, 2007.
See Also
- Cedar Shopping Centers Announces Development Joint Venture for Supermarket-Anchored Center in Stroudsburg, PA
- Historic Restoration of Fisher House Apartments Creates 33 Rehabilitated Homes for Low-Income Families in Arlington, Virginia
- War Zone Property - Part I
Source: Real Estate Newswire
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