SAN FRANCISCO, March 16, 2011 /PRNewswire/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today announced the formation of
AMB China Logistics Venture I. The venture's investment strategy is
to develop, acquire, own, operate and dispose of logistics
properties in key markets in China.
"With six of the world's busiest ports and a limited supply of
Class A distribution space, China
represents a compelling investment opportunity," said Guy F. Jaquier, president, Europe & Asia and president, Private Capital. "AMB
remains committed to developing private capital ventures targeting
its global growth markets. During the first quarter of 2011, we
have added more than $1 billion in
new third-party equity commitments to our platforms around the
world."
AMB's partner in the venture is HIP China Logistics Investments
Limited. The joint venture's overall equity commitment is
$588 million, of which AMB will
contribute $88 million. The venture
is currently targeting investments of up to $1.1 billion over the next four years.
Post closing, the expectation is that the majority of AMB's
operating and under-development properties, as well as its land in
China, will be contributed to the
venture. The venture's initial target regions include the Yangtse
River Delta, the Bohai Bay Area, the Pearl River Delta and
Western China.
AMB Property Corporation.® Local partner to global
trade.™
AMB Property Corporation® is a leading owner, operator and
developer of industrial real estate, focused on major hub and
gateway distribution markets in the Americas, Europe and Asia. As of December
31, 2010, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
159.6 million square feet (14.8 million square meters) in 49
markets within 15 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®
facilities—industrial properties built for speed and located near
airports, seaports and ground transportation systems.
Some of the information included in this press release contains
forward-looking statements, such as statements related to
investment opportunities in China,
venture investment amounts, properties to be contributed to the
venture and the development of private capital ventures targeting
growth markets, 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: changes in
general economic conditions in California, the U.S. or globally (including
financial market fluctuations), global trade or in the real estate
sector (including risks relating to decreasing real estate
valuations and impairment charges); risks associated with using
debt to fund the company's business activities, including
refinancing and interest rate risks; the company's failure to
obtain, renew, or extend necessary financing or access the debt or
equity markets; the company's failure to maintain its current
credit agency ratings or comply with its debt covenants; risks
related to the proposed merger transaction with ProLogis, including
litigation related to the merger, any decreases in the price of
ProLogis stock, and the risk that, if completed, the merger may not
achieve its intended results; risks associated with the ability to
consummate the merger and the timing of the closing of the merger;
risks related to the company's obligations in the event of certain
defaults under co-investment venture and other debt; defaults
on or non-renewal of leases by customers, lease renewals at lower
than expected rent or failure to lease properties at all or on
favorable rents and terms; difficulties in identifying properties,
portfolios of properties, or interests in real-estate related
entities or platforms to acquire and in effecting acquisitions on
advantageous terms and the failure of acquisitions to perform as
the company expects; unknown liabilities acquired in connection
with the acquired properties, portfolios of properties, or
interests in real-estate related entities; the company's failure to
successfully integrate acquired properties and operations; risks
and uncertainties affecting property development, redevelopment and
value-added conversion (including construction delays, cost
overruns, the company's inability to obtain necessary permits and
financing, the company's inability to lease properties at all or at
favorable rents and terms, and public opposition to these
activities); the company's failure to set up additional funds,
attract additional investment in existing funds or to contribute
properties to its co-investment ventures due to such factors as its
inability to acquire, develop, or lease properties that meet the
investment criteria of such ventures, or the co-investment
ventures' inability to access debt and equity capital to pay for
property contributions or their allocation of available capital to
cover other capital requirements; risks and uncertainties relating
to the disposition of properties to third parties and the company's
ability to effect such transactions on advantageous terms and to
timely reinvest proceeds from any such dispositions; risks of doing
business internationally and global expansion, including
unfamiliarity with the new markets and currency risks; risks of
changing personnel and roles; losses in excess of the
company's insurance coverage; changes in local, state and federal
regulatory requirements, including changes in real estate and
zoning laws; increases in real property tax rates; risks associated
with the company's tax structuring; increases in interest rates and
operating costs or greater than expected capital expenditures;
environmental uncertainties and risks related to natural disasters;
and our failure to qualify and maintain our status as a real estate
investment trust. Our success also depends upon economic
trends generally, 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, 2010.
SOURCE AMB Property Corporation