AMB Property Corporation® (NYSE:AMB) has announced it has acquired 520,000 m² in the Paris market for a planned development project named St. Pathus Logistics Park. When fully developed, the park is expected to total more than 212,000 m² of distribution space.
"Our European development program got noticeable traction this year, with a number of key construction starts, completions and stabilized asset contributions to the Europe Fund," said Guy Jaquier, AMB's president, Europe & Asia. "This acquisition adds to our land bank and gives increased visibility to our ongoing development program over the next couple of years."
The site for St. Pathus Logistics Park is located approximately 20 kilometers north of Paris' Charles de Gaulle International Airport off the N2, which is a major freeway connecting Paris to Brussels. The multi-phase plan for St. Pathus Logistics Park will accommodate speculative, build-to-suit and build-to-sell development.
"St. Pathus Logistics Park will offer our customers large floor plate product of efficient design with easy access to Paris, complementing AMB's existing portfolio of mostly airport adjacent facilities," commented Mo Barzegar, AMB's managing director, Europe. "Land of this size is difficult to secure in Ile-de-France, making our site unique in the area."
AMB's joint venture partner in St. Pathus Logistics Park is France-based Van Maercke Immo.