AMB Property Corporation(R) Pre-Leases 189,000 SF Development to Johnson Controls in Monterrey, Mexico
February 03 2009 - 3:01PM
PR Newswire (US)
SAN FRANCISCO, Feb. 3 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading owner, operator and developer
of industrial real estate, today announced the pre-leasing of a
189,000 square foot (17,600 square meter) development in Monterrey,
Mexico to Johnson Controls. The facility, AMB Agua Fria Industrial
Park Building 3, will enable Johnson Controls to consolidate their
distribution and shared services operations for Mexico and Latin
America. Monterrey serves as a logistics hub for much of Mexico; it
recently ranked as the country's second leading rail center, and
NAFTA highway truck shipments reach Monterrey from the Texas border
crossings in fewer than three hours. "We do see evidence that, on
the margin, Mexico continues to benefit from its proximity to the
U.S. as manufacturers weigh labor costs against shipping costs for
certain merchandise, including oversized goods," said Luis
Gutierrez, AMB's managing director, Mexico. "Johnson Controls will
gain tremendous efficiencies by consolidating distribution
activities and by bringing together our talented and valued work
force from divergent locations in and around the Monterrey area.
Our unique requirements for a high degree of office space, large
outside storage area and a well-located Class A facility in
Monterrey brought Johnson Controls to AMB, the company that we knew
could deliver the right location with a project that would be on
time and within budget," commented Kurt Farrell, Johnson Controls'
Director of Real Estate, Americas. AMB Agua Fria Industrial Park
Buildings 1 & 2 have recently been completed and total
approximately 285,000 square feet (26,400 square meters); the park
is capable of supporting approximately 2.3 million square feet
(213,200 square meters) of development in total. As of December 31,
2008, AMB's Mexico portfolio totaled more than 9.6 million square
feet (894,300 square meters) of operating and under development
facilities. Target markets consist of Guadalajara, Mexico City,
Monterrey, Queretaro, Reynosa and Tijuana. AMB Property
Corporation.(R) Local partner to global trade.(TM) AMB Property
Corporation(R) is a leading owner, operator and developer of
industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia. As of
December 31, 2008, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
160.0 million square feet (14.9 million square meters) in 49
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
size, timing, completion, leasing, stabilization and occupation of
AMB Agua Fria Industrial Park, 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 press release 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 or
renewal at lower than expected rent, increased interest rates and
operating costs or greater than expected capital expenditures, our
failure to obtain necessary outside financing, re-financing risks,
risks related to our obligations in the event of certain defaults
under joint venture and other debt, risks related to debt and
equity security financings (including dilution risk), difficulties
in identifying properties to acquire and in effecting acquisitions,
our failure to successfully integrate acquired properties and
operations, our failure to divest properties we have contracted to
sell or to timely reinvest proceeds from any divestitures, risks
and uncertainties affecting property development, redevelopment,
value-added conversion 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, risks
related to our tax structuring, failure to maintain our current
credit agency ratings, environmental uncertainties, risks related
to natural disasters, financial market fluctuations, changes in
general economic conditions or in the real estate sector, inflation
risks, changes in real estate and zoning laws, a downturn in the
U.S., California or global economy, risks related to doing business
internationally and global expansion, risks of opening offices
globally, risks of changing personnel and roles, 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 and
certain other matters discussed under the heading "Risk Factors"
and elsewhere in our annual report on Form 10-K for the year ended
December 31, 2007 and our quarterly report on Form 10-Q for the
quarter ended September 30, 2008. DATASOURCE: AMB Property
Corporation CONTACT: CONTACT: Rachel E. M. Bennett, Media and
Public Relations Director of AMB PROPERTY CORPORATION,
+1-415-733-9532, 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