AMB Property Corporation(R) Enters Beijing With 306,000 SF Acquisition at Beijing Capital International Airport; Finalizes Two L
July 30 2008 - 4:17PM
PR Newswire (US)
Acquisition expands AMB's air cargo portfolio in Asia SAN
FRANCISCO, July 30 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has entered the Beijing
market with the acquisition of three buildings, aggregating
approximately 306,000 square feet (28,400 square meters) within the
Beijing Airport Logistics Park, which is adjacent to Beijing
Capital International Airport (PEK). "China's continued increase in
both production levels and demand for consumer goods creates
sustained requirements for logistics space: industrial output was
up 16 percent over last year ending June, and retail sales were up
23 percent over the same period," said Hamid R. Moghadam, AMB's
chairman & CEO. "Beijing's position as a premier air cargo
market supporting increased trade flows has been further secured by
the recent expansion of its airport. PEK has experienced 30 percent
cargo volume increase in the first four months of 2008, over the
same period in 2007. Beijing has become as a global gateway for
high value import and export air cargo." Beijing Airport Logistics
Park is the only infill air cargo logistics park adjacent to
Beijing Capital International Airport, complementing the operating
capacity that the expanded airport offers. "With rapid access to
transportation networks and proximity to industrial parks and the
City Centre, AMB Beijing Capital Airport Distribution Center 1 is
in a preferred location for third-party distributors," commented
Guy F. Jaquier, AMB's president, Europe & Asia. "Demand for
space in this strategic airport submarket has exceeded our
expectations, as evidenced by leases totaling 90,000 square feet
(8,300 square meters) to two logistics subsidiaries of Fortune
Global 500 companies, signed before we closed on the acquisition.
These leases are in addition to an existing customer occupying
125,000 square feet (11,600 square meters) of space. We expect to
further benefit from the healthy demand for new distribution space
in this vibrant airport market." As of June 30, 2008, AMB's
presence in China totaled approximately 2.3 million square feet
(212,700 square meters) of operating and under development
properties. In addition to Beijing Capital International Airport,
AMB owns and operates air cargo facilities in Asia at Tokyo's
Narita International Airport, Singapore's Changi International
Airport, and Seoul's Incheon International Airport. AMB Property
Corporation.(R) Local partner to global trade.(TM) AMB Property
Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia. As of June
30, 2008, AMB owned, or had investments in, on a consolidated basis
or through unconsolidated joint ventures, properties and
development projects expected to total approximately 155.5 million
square feet (14.5 million square meters) in 47 markets within 15
countries. AMB invests in properties located predominantly in the
infill submarkets of its targeted markets. The company's portfolio
is comprised of High Throughput Distribution(R)
facilities-industrial properties built for speed and located near
airports, seaports and ground transportation systems. AMB's press
releases are available on the company website at
http://www.amb.com/ or by contacting the Investor Relations
department at +1 415 394 9000. Some of the information included in
this press release contains forward- looking statements, such as
the company's ability to meet customer demand in Beijing, and the
occupation of AMB Beijing Capital Airport Distribution Center 1,
which are made pursuant to the safe-harbor provisions of Section
21E of the Securities Exchange Act of 1934, as amended, and Section
27A of the Securities Act of 1933, as amended. Because these
forward-looking statements involve risks and uncertainties, there
are important factors that could cause our actual results to differ
materially from those in the forward-looking statements, and you
should not rely on the forward-looking statements as predictions of
future events. The events or circumstances reflected in
forward-looking statements might not occur. You can identify
forward-looking statements by the use of forward-looking
terminology such as "believes," "expects," "may," "will," "should,"
"seeks," "approximately," "intends," "plans," "pro forma,"
"estimates" or "anticipates" or the negative of these words and
phrases or similar words or phrases. You can also identify forward-
looking statements by discussions of strategy, plans or intentions.
Forward- looking statements are necessarily dependent on
assumptions, data or methods that may be incorrect or imprecise and
we may not be able to realize them. We caution you not to place
undue reliance on forward-looking statements, which reflect our
analysis only and speak only as of the date of this report or the
dates indicated in the statements. We assume no obligation to
update or supplement forward-looking statements. The following
factors, among others, could cause actual results and future events
to differ materially from those set forth or contemplated in the
forward-looking statements: defaults on or non-renewal of leases by
tenants, increased interest rates and operating costs, our failure
to obtain necessary outside financing, re-financing risks,
difficulties in identifying properties to acquire and in effecting
acquisitions, our failure to successfully integrate acquired
properties and operations, our failure to divest properties on
advantageous terms or to timely reinvest proceeds from any
divestitures, risks and uncertainties affecting property
development and construction (including construction delays, cost
overruns, our inability to obtain necessary permits and public
opposition to these activities), our failure to qualify and
maintain our status as a real estate investment trust,
environmental uncertainties, risks related to natural disasters,
changes in general economic conditions or in the real estate
sector, changes in real estate and zoning laws or other local,
state and federal regulatory requirements, a downturn in the U.S.,
California, or the global economy, risks related to doing business
internationally, losses in excess of our insurance coverage,
unknown liabilities acquired in connection with acquired properties
or otherwise and increases in real property tax rates. Our success
also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation,
population changes, various market conditions and fluctuations and
those other risk factors discussed under the heading "Risk Factors"
and elsewhere in our most recent annual report on Form 10-K for the
year ended December 31, 2007. DATASOURCE: AMB Property Corporation
CONTACT: Margan S. Mitchell, Vice President, Corporate
Communications, +1-415-733-9477, , or Rachel E. M. Bennett, Media
and Public Relations Director, +1-415-733-9532, , both of AMB Web
site: http://www.amb.com/
Copyright
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Oct 2023 to Oct 2024