AMB Property acquires development site in Paris

San Francisco-based AMB Property Corporation has purchased a 520,000 m² site in Paris, which when fully developed could support over 212,000 m² of distribution space. The new development, which will be called AMB St Pathus Logistics Park, is located north of Charles de Gaulle International Airport. According to the company, the multi-phase plan for AMB St Pathus Logistics Park will accommodate speculative, build-to-suit and build-to-sell development.

Guy Jaquier, AMB's president, Europe & Asia, said: 'Our European development program gained noticeable traction this year, with a number of key construction starts, completions and stabilised asset contributions to the Europe. This acquisition adds to our land bank and gives increased visibility to our ongoing development program over the next couple of years.'

Mo Barzegar, AMB's managing director, Europe, added, 'With its large floor plate design efficiencies and easy access to Paris, AMB St. Pathus Logistics Park will complement our existing portfolio of airport facilities. Land of this size is at a premium in Ile-de-France, providing AMB with a competitive advantage in this region.'

In a separate statement, the company's Dutch affiliate, AMB Property BV, announced that it is nearing completion of its 9,000 m² development project in Lijnden, near Amsterdam's Schiphol Airport. The new facility, named AMB Lijnden Logistics Court 1, represents a diversification of AMB's offering of logistics space in Amsterdam as it will provide smaller multi-tenant units. The facility, which is being developed with Keystone Vastgoed, is comprised of two buildings and consists of four units, each totaling approximately 2,000 m² of warehouse space and 450 m² of office space.

'Since our entry in the Amsterdam market in 2003, we have offered larger units, but we have discovered the demand for smaller functional distribution space,' said Barzegar, AMB’s managing director, Europe. 'We look to further strengthen our position in the Amsterdam market by diversifying the offering of Class-A distribution space to our customers.'

AMB's portfolio in Europe totalled more than 904,500 m² of operating and development properties as of 30 September 2007.