AMB Property Europe, the European arm of NYSE-listed AMB Property Corporation, has raised its UK profile through the purchase of AMB North Heathrow Distribution Center 1 from an unnamed UK institution. The 15,329 m[sup]2[/sup] centre is fully leased to Deutsche Post. The centre is located just over three kilometres north of Heathrow Airport.
AMB Property Europe, the European arm of NYSE-listed AMB Property Corporation, has raised its UK profile through the purchase of AMB North Heathrow Distribution Center 1 from an unnamed UK institution. The 15,329 m2 centre is fully leased to Deutsche Post. The centre is located just over three kilometres north of Heathrow Airport.
The acquisition of AMB North Heathrow brings AMB’s total UK distribution space to 44,593 m2. The company’s total European portfolio comprises, as of end-2007, over 1 million m2 of logistics and distribution properties either in operation or under development. Besides the UK, the company’s European properties are located in Belgium, France, Germany, Italy, the Netherlands and Spain. AMB was advised on the transaction by M3 and DTZ while Knight Frank advised the vendor.
Mo Barzegar, AMB’s managing director for Europe, commented: ‘As the world’s leading provider of air cargo facilities, AMB’s first airport-related acquisition at London Heathrow is a natural fit with our investment strategy. Our strategy targets key international airports. The cargo flow at London Heathrow has qualified it as the fourth-largest cargo airport by volume in Europe and the completion of Terminal 5 should provide more flexibility in accommodating additional cargo volumes.'
