AMB Property Corporation(R) Leases 142,000 SF in London Development Project
March 09 2010 - 3:01PM
PR Newswire (US)
SAN FRANCISCO, March 9 /PRNewswire-FirstCall/ -- AMB Property
Corporation ® , a leading owner, operator and developer of
global industrial real estate, today announced it has leased
approximately 142,000 square feet (13,200 square meters) in its AMB
East London Distribution Park. This new lease, to a FTSE 100
company, brings the two-building park to 100 percent leased. "We
are pleased to welcome this new customer to our portfolio in
London," said Mo Barzagar, managing director, Europe. "Throughout
the UK and continental Europe we're seeing a growing number of our
customers whose expanding business needs require class-A facilities
with increased access to their customers." AMB East London
Distribution Park is a two-building facility situated in Binary
Park adjacent to a major highway that connects Central London to
the M25, London's Orbital. It is located within ten miles of
Central London and seven miles to the east of the 2012 Olympic
Games site. AMB's Europe portfolio totaled nearly 14 million square
feet (1.3 million square meters) of operating and under development
properties as of December 31, 2009. AMB Property
Corporation. ® Local partner to global trade.(TM) AMB Property
Corporation ® is a leading owner, operator and developer of
global industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia. As of
December 31, 2009, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
155.1 million square feet (14.4 million square meters) in 47
markets within 14 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 ® 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
occupation of the facility by the customer and the provision of
real estate solutions, 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: changes in
general economic conditions in California, the U.S. or globally
(including financial market fluctuations), global trade or in the
real estate sector (including risks relating to decreasing real
estate valuations and impairment charges); risks associated with
using debt to fund the company's business activities, including
refinancing and interest rate risks (including inflation risks);
the company's failure to obtain, renew, or extend necessary
financing or access the debt or equity markets; the company's
failure to maintain its current credit agency ratings or comply
with its debt covenants; risks related to the company's obligations
in the event of certain defaults under co-investment venture and
other debt; risks associated with equity and debt securities
financings and issuances (including the risk of dilution); defaults
on or non-renewal of leases by customers or renewal at lower than
expected rent or failure to lease at all or on expected terms;
difficulties in identifying properties, portfolios of properties,
or interests in real-estate related entities or platforms to
acquire and in effecting acquisitions on advantageous terms and the
failure of acquisitions to perform as the company expects; unknown
liabilities acquired in connection with the acquired properties,
portfolios of properties, or interests in real-estate related
entities; the company's failure to successfully integrate acquired
properties and operations; risks and uncertainties affecting
property development, redevelopment and value-added conversion
(including construction delays, cost overruns, the company's
inability to obtain necessary permits and financing, the company's
inability to lease properties at all or at favorable rents and
terms, and public opposition to these activities); the company's
failure to set up additional funds, attract additional investment
in existing funds or to contribute properties to its co-investment
ventures due to such factors as its inability to acquire, develop,
or lease properties that meet the investment criteria of such
ventures, or the co-investment ventures' inability to access debt
and equity capital to pay for property contributions or their
allocation of available capital to cover other capital
requirements; risks and uncertainties relating to the disposition
of properties to third parties and the company's ability to effect
such transactions on advantageous terms and to timely reinvest
proceeds from any such dispositions; risks of doing business
internationally and global expansion, including unfamiliarity with
the new markets and currency and hedging risks; risks of changing
personnel and roles; risks related to suspending, reducing or
changing the company's dividends; losses in excess of the company's
insurance coverage; changes in local, state and federal regulatory
requirements, including changes in real estate and zoning laws;
increases in real property tax rates; risks associated with the
company's tax structuring; increases in interest rates and
operating costs or greater than expected capital expenditures;
environmental uncertainties; risks related to natural disasters;
and our failure to qualify and maintain our status as a real estate
investment trust. Our success also depends upon economic trends
generally, 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, 2009. DATASOURCE: AMB Property Corporation
CONTACT: Tracy A. Ward, Vice President, IR & Corporate
Communications,+1-415-733-9565, tward@amb.com, or Jon M. Boilard,
Director, Media and PublicRelations, +1-415-733-9561,
jboilard@amb.com, both of AMB PropertyCorporation Web Site:
http://www.amb.com/
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