AMB completes 171,000 m[sup]2[/sup] logistic portfolio in Hamburg

AMB Property Corporation has acquired a 44,000 m² logistics complex at Hamburg port for its recently formed AMB Europe Fund 1. Since entering the market the fourth quarter of 2005, AMB has assembled one of the largest portfolios in Europe's second largest sea port, with more than 171,000 m² owned or under development there. AMB's portfolio in Europe totals more than 840,000 m².

The latest acquisition is a fully leased four-building property, named AMB Waltershof Distribution Center 4-7. It was bought from German leasing company DAL Deutsche Anlagen-Leasing. AMB Waltershof Distribution Center 4-7 is located in the main entry point and distribution hub in the port for goods entering Germany and Eastern Europe. The buildings are adjacent to AMB Waltershof Distribution Centers 1, 2 and 3.

'Germany is the most populous country in the EU. With the highest gross national product, it is a vital market for AMB,' said Mo Barzegar, AMB's senior vice president, managing director, Europe. 'Specifically, Hamburg has emerged as the fastest growing port in Northern Europe, delivering double-digit volume growth over the past few years, driven by increasing global trade.'