AMB Property Corporation® (NYSE:AMB) has leased approx. 27,400 m² to General Motors (GM) in a Paris development project. GM plans to use the distribution center in order to enhance the logistics process of its Opel spare parts operations in France. This new facility will replace GM's current, smaller parts delivery center.
AMB Gonesse Distribution Center
The facility, named AMB Gonesse Distribution Center, totals approx. 55,600 m². Previously, AMB pre-leased approx. 10,900 m² of the facility to one of France's largest freight forwarding and logistics companies.
"This is an important milestone for AMB Gonesse Distribution Center, the location and quality of which served as major points of attraction to GM as they were undergoing site selection in the Paris market," said Guy Jaquier, AMB's president, Europe & Asia. "We're pleased to have developed a facility that meets modern Class A industrial standards, which will be contributed to our newly formed AMB Europe Fund I."
AMB Gonesse Distribution Center is immediately proximate to Le Bourget Airport and southwest of Paris' Charles de Gaulle International Airport. The development provides customers with rapid access to Paris City Center via the immediately adjacent A1 motorway.
AMB's portfolio in Paris totals more than 234,300 m² of operating and development properties, with an operating portfolio that was 98.4% leased as of March 31, 2007. AMB recently opened a Paris office to further serve its business in France.