AMB leases 7,400m[sup]2[/sup] in Amsterdam to Ikea

New York-listed AMB Property Corporation has leased about 7,400 m² of distribution space to home furnishings retailer Ikea in Amsterdam.

Ikea selected AMB Arena Distribution Center 2 as part of their consolidation of operations in southeast Amsterdam. AMB said the area was a high-demand submarket with limited supply of distribution space.

'The location of AMB Arena Distribution Center 2 complements Ikea's retail presence in the market, and its proximity to Amsterdam city centre was a deciding factor in their selection of this facility, demonstrating continued demand for infill industrial properties,' said Mo Barzegar, AMB's managing director, Europe. 'We look forward to an ongoing relationship with Ikea.'

At-end June 2009, AMB's portfolio of operating and development industrial real estate properties in Europe totalled more than 1.3 mln m². Approximately 333,000 m² is located in the Netherlands.