AMB Property Corporation leases 11,700 m

AMB Property Corporation, a leading global owner and developer of industrial real estate, today announced it has leased more than 11,700 m² of its Milan development to Corriere Cecchi S.r.l., a major Italian distributor of food products who is using the space to manage the global logistics of an olive oil products manufacturer.

"Leasing activity at AMB Siziano Logistics Park demonstrates continuing customer demand for modern and efficient facilities in Milan, which is a strategically-located distribution market and the economic heart of Italy," commented Mo Barzegar, AMB's managing director, Europe.

"While Europe's overall economy has been adversely affected by the global slowdown, demand for our European projects remains solid as evidenced by other recent customer commitments for AMB space in Amsterdam, Lyon and Paris."

The development is located 10 miles south of Milan's city center; provides rapid access to the Lombardia-Piedmont industrial region of Italy; and is situated along route SP40, linking the A1 and the A7, which connect southern Italy and the Port of Genoa, respectively.

"We chose AMB Siziano Logistics Park because it is in an ideal location for our customers, and it enables us to easily reach all areas of Northern Italy in a timely manner," commented Maurizio Paggetti, CEO and Elio Battistoni, logistics director of Corriere Cecchi S.r.l.

AMB's joint venture partner in the development of AMB Siziano Logistics Park is Milan-based Redilco Group.

As of September 30, 2008, AMB's portfolio in Europe totaled approximately 1.3 m² of operating and under development properties.

Source: AMB

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