AMB Property Corporation(R) Leases 173,000 SF in Toronto Development
2008年6月6日 - 6:04AM
PRニュース・ワイアー (英語)
Acquires 660,000 SF distribution facility in Toronto SAN FRANCISCO,
June 5 /PRNewswire-FirstCall/ -- AMB Property Corporation(R)
(NYSE:AMB), a leading global developer and owner of industrial real
estate, today announced it has leased approximately 173,000 square
feet in a Greater Toronto Area (GTA) development. A third party
logistics provider leased approximately 113,000 square feet of AMB
Milton 401 Business Park - Building B to service an existing
client, and a provider of outsourced logistics services for the
retail supply chain leased approximately 60,000 square feet of AMB
Milton 401 Business Park - Building A to expand their operations.
AMB Milton 401 Business Park provides rapid access to the nearby
Trans Canada Highway and Toronto Pearson International Airport,
Canada's busiest airport. As previously announced, AMB fully
pre-leased the 309,000 square foot AMB Milton 401 Business Park -
Building C to 3M Canada. Additionally, AMB recently acquired more
than 660,000 square feet in the GTA. AMB Milton Crossings Business
Park is a 76 percent leased, recently-developed property near the
Trans Canada Highway as well as Toronto Pearson International
Airport. As part of the transaction, AMB acquired land capable of
supporting a 142,000 square foot expansion, expected to break
ground in third quarter 2008. "Our recent leasing activity at AMB
Milton 401 Business Park demonstrates the strength of our presence
in the GTA, North America's fourth largest industrial market,"
commented Gene Reilly, AMB's president, the Americas.
"Additionally, the acquisition of AMB Milton Crossings Business
Park complements our active development pipeline in Toronto and
further enables us to meet customer demand which is driven by
airport proximity, rapid highway access and a large population
base." "We are making strategic strides in the GTA, establishing
AMB as a leading logistics real estate provider in the market. Our
leasing and acquisition activity here comes on the heels of our
first quarter acquisition of the 475,000 square foot AMB Millcreek
Distribution Centre, fully leased to UPS Canada Ltd. and Hershey
Canada Inc.," commented Jay Cornforth, AMB's managing director,
East Region. The GTA is considered to be North America's fourth
largest industrial market, following Los Angeles, Chicago and the
greater New York/Northern New Jersey metropolitan area. As of March
31, 2008, AMB's Toronto portfolio of operating and under
development properties totaled more than 3.2 million square feet.
AMB Property Corporation.(R) Local partner to global trade.(TM) AMB
Property Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia. As of March
31, 2008, AMB owned, or had investments in, on a consolidated basis
or through unconsolidated joint ventures, properties and
development projects expected to total approximately 150.2 million
square feet (14.0 million square meters) in 45 markets within 14
countries. AMB invests in properties located predominantly in the
infill submarkets of its targeted markets. The company's portfolio
is comprised of High Throughput Distribution(R)
facilities-industrial properties built for speed and located near
airports, seaports and ground transportation systems. Some of the
information included in this press release may contain
forward-looking statements, such as the occupation of AMB 401
Milton Business Park - Buildings A and B, the expansion of AMB
Milton Crossings Business Park, the expansion capacity and
development timeline of land acquired in the GTA, and customer
demand in the Toronto market, which are made pursuant to the
safe-harbor provisions of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. Because these forward-looking statements involve
risks and uncertainties, there are important factors that could
cause our actual results to differ materially from those in the
forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future events. The
events or circumstances reflected in forward-looking statements
might not occur. You can identify forward-looking statements by the
use of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases. You can
also identify forward-looking statements by discussions of
strategy, plans or intentions. Forward-looking statements are
necessarily dependent on assumptions, data or methods that may be
incorrect or imprecise and we may not be able to realize them. We
caution you not to place undue reliance on forward-looking
statements, which reflect our analysis only and speak only as of
the date of this report or the dates indicated in the statements.
We assume no obligation to update or supplement forward-looking
statements. The following factors, among others, could cause actual
results and future events to differ materially from those set forth
or contemplated in the forward- looking statements: defaults on or
non-renewal of leases by tenants, increased interest rates and
operating costs, our failure to obtain necessary outside financing,
re-financing risks, difficulties in identifying properties to
acquire and in effecting acquisitions, our failure to successfully
integrate acquired properties and operations, our failure to divest
properties on advantageous terms or to timely reinvest proceeds
from any divestitures, risks and uncertainties affecting property
development and construction (including construction delays, cost
overruns, our inability to obtain necessary permits and public
opposition to these activities), our failure to qualify and
maintain our status as a real estate investment trust,
environmental uncertainties, risks related to natural disasters,
changes in general economic conditions or in the real estate
sector, changes in real estate and zoning laws or other local,
state and federal regulatory requirements, a downturn in the U.S.,
California, or the global economy, risks related to doing business
internationally, losses in excess of our insurance coverage,
unknown liabilities acquired in connection with acquired properties
or otherwise and increases in real property tax rates. Our success
also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation,
population changes, various market conditions and fluctuations and
those other risk factors discussed under the heading "Risk Factors"
and elsewhere in our most recent annual report on Form 10-K for the
year ended December 31, 2007. DATASOURCE: AMB Property Corporation
CONTACT: Margan Mitchell, Vice President, Corporate Communications,
+1-415-733-9477, , or Rachel E. M. Bennett, Director, Media and
Public Relations, +1-415-733-9532, , both of AMB Property
Corporation Web site: http://www.amb.com/
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