AMB Property Corporation (NYSE:AMB) has announced it has begun development of the first phase of AMB Siziano Business Park in Milan, Italy. When fully developed, the park is expected to total approx. 140,000 m² of distribution space.
"Milan is the economic heart of Italy and a strategically located distribution market, making it a natural fit for AMB's focused investments in areas tied to global trade," said Guy Jaquier, AMB's president, Europe & Asia. "AMB's expansion into Milan continues our program of entering new markets to serve our growing customer base."
AMB Siziano Business Park is located 10 miles south of Milan's city center; provides easy 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.
"AMB Siziano Business Park is unique, as it is the only state-of-the-art distribution park of a large scale this close to Milan's city center," commented Mo Barzegar, AMB's managing director, Europe. "AMB's portfolio of development facilities in Europe includes projects in Amsterdam, Hamburg, Dusseldorf, Paris, Lyon and Madrid, and we now look forward to accommodating customer growth in Milan."
Building 1, currently under development, is expected to total 40,600 m², and is anticipated to be completed in the fourth quarter of 2007. AMB's joint venture partner in the development of AMB Siziano Business Park is Milan-based Redilco Group.
AMB's portfolio in Europe now totals more than 715,000 m² of operating and development properties located in major markets tied to global trade.