AMB acquires 86,000m[sup]2[/sup] industrial complex near Hamburg

Industrial real estate firm, AMB Property Corporation announced that is has acquired an industrial complex near the Port of Hamburg comprising some 86,400 m² of existing buildings and 16 acres of land capable of supporting 38,400 m² of additional development. The industrial complex was acquired from a leading international company of branded consumer products for skin and beauty care. The company added that Kuehne + Nagel, an AMB global customer, has leased some 37,300 m² of the park in connection with the purchase.

'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% cargo growth in the last year, making the market one of the strongest in Europe,' commented Guy Jaquier, AMB's president, Europe & Asia.

Mo Barzegar, AMB's managing director of Europe, added: 'We can formalise 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 centres.'

AMB's European portfolio consisted of approximately 1.1 mln m² of operating and development properties as of 31 March 2008. According to Containerisation International, more than 20% of all of Europe's sea cargo trade moves through Rotterdam and Hamburg, Europe's busiest and second busiest seaports respectively. AMB's collective presence in these markets totals approximately 331,500 m².