AMB Property Corporation, a leading global developer and owner of industrial real estate, today announced it has expanded its European platform to the United Kingdom with the acquisition of a 320,000 square foot (29,700 m²) industrial development project in London, England.
"Our expansion to the United Kingdom further establishes AMB as a major provider of industrial distribution space in strategic markets integral to global trade," said Guy Jaquier, AMB's president, Europe & Asia. "AMB has entered the UK with a high-quality development property designed to provide our customers with superior functionality and modern specifications in the high-demand Greater London area."
AMB East London Distribution Park is a two-building development project located adjacent to a major highway that connects Central London to the M25, London's Orbital. "This well-located property enables us to respond to customer demand for newly developed distribution space in a key supply-constrained London submarket," commented Mo Barzegar, AMB's managing director, Europe. "Central London is only 10 miles to the west of the property, and the 2012 Olympic Games site is even closer and expected to fuel demand for logistics space as the city undergoes improvement projects and makes significant investments in infrastructure. This is a terrific location from which to launch our business in the UK."
AMB's Europe portfolio totaled more than 9 million square feet (840,300 m²) of operating and under development properties as of June 30, 2007. Subsequent to the end of the second quarter, AMB has announced 795,000 square feet (73,900 m²) of additional space, including AMB East London Distribution Park.