AMB Property Corp. (AMB), a leading real estate investment trust (REIT), has recently leased approximately 207,200 square feet of its development portfolio in China, amid signs of market stabilization.
About 100,100 square feet were leased to a premier automotive distributor at AMB Tianjin International Logistics Center in Tianjin near Beijing. The company also leased 70,500 square feet to two third-party logistics providers. The lessees will occupy space at AMB Kunshan Bonded Logistics Center in the Kunshan Export Processing Zone (KEPZ) in Jiangsu, which is among the first Export Processing Zones (EPZ) in China.
In addition, about 24,200 square feet were leased to a third-party logistics provider at AMB Beilun Port Distribution Center in the Ningbo Economic & Technological Development Zone (NETDZ), a premier business area of China. At the same time, about 12,400 square feet were leased to a third-party logistics provider at AMB Dalian Industrial Logistics Center, which is in close proximity to the Liaodong Peninsula in Liaoning Province of northeast China.
AMB has thus strengthened its competitive position in the Asian market. Based in San Francisco, they are a leading global owner, operator and developer of industrial real estate in North America, Asia and Europe. By the end of the third quarter of 2009, AMB had 156.1 million square feet of operating and development facilities across the globe, out of which 16.2 million square feet were located in Asia.
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