AMB Property Corporation acquires 86,400 sm near port of Hamburg
AMB Property Corporation(R) , a leading global developer and owner of industrial real estate, today announced it has acquired an industrial complex near the Port of Hamburg comprising more than 930,000 square feet (86,400 square meters) of existing buildings and 16 acres of land capable of supporting approximately 414,000 square feet (38,400 square meters) of additional development. Kuehne + Nagel, an AMB global customer, leased approximately 402,000 square feet (more than 37,300 square meters) of the park in connection with this purchase. AMB intends to maximize the build-out potential of the site through a phased development and redevelopment plan.
"This acquisition furthers our strategy to extend our position as the leading owner at the Port of Hamburg. Hamburg is home to Europe's second largest seaport which also experienced nearly 12 percent cargo growth in
the last year, making the market one of the strongest in Europe," said Guy Jaquier, AMB's president, Europe & Asia. The industrial complex was acquired from a leading international company of branded consumer products
for skin and beauty care.
"With the acquisition of this site, we expand our relationship with a target global customer, Kuehne + Nagel," commented Mo Barzegar, AMB's managing director, Europe. "Additionally, we can formalize development plans to meet future demand for efficient logistics facilities in Hamburg, and leverage our adaptive reuse expertise by transitioning obsolete industrial buildings into functional port trade-related distribution centers."
The park is less than two miles from the Altenwerder Terminals of the Port of Hamburg. The site also has immediate access to the A7 highway, the main north/south arterial through the region that intersects with the A1 highway, connecting Hamburg with the Rhine-Ruhr region, which is Germany's most densely populated and industrialized region.
AMB's Europe portfolio consisted of approximately 11.7 million square feet (1.1 million square meters) of operating and development properties as of March 31, 2008. According to Containerisation International, more than 20 percent of all of Europe's sea cargo trade moves through Rotterdam and Hamburg, Europe's busiest and second busiest seaports respectively, and AMB's collective presence in these markets totaled approximately 3.6 million square feet (331,500 square meters).
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 March 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 150.2 million square feet (14.0 million square meters) in 45 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(R) facilities -- industrial properties built for speed and located near airports, seaports and ground transportation systems.
"This acquisition furthers our strategy to extend our position as the leading owner at the Port of Hamburg. Hamburg is home to Europe's second largest seaport which also experienced nearly 12 percent cargo growth in
the last year, making the market one of the strongest in Europe," said Guy Jaquier, AMB's president, Europe & Asia. The industrial complex was acquired from a leading international company of branded consumer products
for skin and beauty care.
"With the acquisition of this site, we expand our relationship with a target global customer, Kuehne + Nagel," commented Mo Barzegar, AMB's managing director, Europe. "Additionally, we can formalize development plans to meet future demand for efficient logistics facilities in Hamburg, and leverage our adaptive reuse expertise by transitioning obsolete industrial buildings into functional port trade-related distribution centers."
The park is less than two miles from the Altenwerder Terminals of the Port of Hamburg. The site also has immediate access to the A7 highway, the main north/south arterial through the region that intersects with the A1 highway, connecting Hamburg with the Rhine-Ruhr region, which is Germany's most densely populated and industrialized region.
AMB's Europe portfolio consisted of approximately 11.7 million square feet (1.1 million square meters) of operating and development properties as of March 31, 2008. According to Containerisation International, more than 20 percent of all of Europe's sea cargo trade moves through Rotterdam and Hamburg, Europe's busiest and second busiest seaports respectively, and AMB's collective presence in these markets totaled approximately 3.6 million square feet (331,500 square meters).
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 March 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 150.2 million square feet (14.0 million square meters) in 45 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(R) facilities -- industrial properties built for speed and located near airports, seaports and ground transportation systems.