AMB Property Corporation announced fourth quarter 2005 distribution facility development projects comprising 2.4 million square feet and acquisitions comprising 2.1 million square feet, for an estimated total investment of $366 million. Fourth quarter capital deployment activity includes the company's first investment in China; market entry into the Port of Hamburg, Germany; and a build-to-suit development in Tokyo, Japan for an AMB target customer.
AMB Property Corporation invested $187 million in new development projects and $179 million in acquisitions at strategic North America, Europe and Asia distribution locations; Shanghai and Hamburg added to global customer offerings.
AMB's European developments are:
Amsterdam, the Netherlands
AMB is expanding its presence in Amsterdam's Schiphol Airport submarket with the development of AMB Douglassingel Distribution Center, an anticipated 149,000 square foot facility that is projected to be completed with an affiliate for approximately $20.2 million. The project's infill location is in one of the last remaining large industrial zoned parcels within the master-planned Schiphol-Rijk industrial park, serving as Schiphol Airport's primary second line logistics park and home to many of AMB's target customers.
AMB operates four fully-leased distribution facilities at the park, and now has approximately 1.3 million square feet of operating and development properties in Amsterdam.
AMB entered the Hamburg market with the commencement of AMB Port of Hamburg Building 1, a development project of approximately 403,900 square feet. The project is expected to be completed with a local alliance partner in the second half of 2007, for an estimated total investment of $33.1 million. The Port of Hamburg is Europe's second busiest seaport and largest rail container-handling center, which is served by a high-quality motorway network providing direct links to major markets throughout Europe.
AMB's European acquisitions are:
AMB acquired three buildings totaling approximately 398,000 square feet, as part of its AMB Port of Hamburg portfolio, which in the aggregate comprises operating and development facilities totaling approximately 801,800 square feet. The AMB Port of Hamburg Buildings 2, 3 and 5, acquired in the fourth quarter for a total investment of approximately $34.2 million, are 99% leased.
Source: AMB Property Corporation