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AMB acquires Qingpu site to boost presence
By Cao Qian |
May 23, 2009, Saturday
|
Print Edition
Print Edition
AMB Property Corporation, an international developer and owner of industrial real estate, announced yesterday that it has recently acquired a 87,100 square meter site in Shanghai's western Qingpu District in a latest effort to strengthen its local presence.
The acquisition, the first investment deal concluded by a major foreign industrial developer in the country so far this year, would add another 57,450 square meters of distribution space to AMB's network of logistic facilities across China.
Under the company's plan, the first phase of 26,450 square meters will be redeveloped from existing manufacturing facilities, and will be ready for lease in December. No timetable has been disclosed for the second phase of 31,000 square meters, which is supposed to be built from scratch.
"The site is strategically located for logistics and distribution activities supporting domestic consumption within Shanghai and throughout the East China region," said Thomas F. Marquis, managing director of AMB Property China.
By March, AMB had a portfolio of about 400,000 square meters across the country under operation and in the pipeline, with more than half located in Shanghai.
The company said earlier that it plans to operate between US$1 billion and US$1.5 billion worth of assets in the country by 2010.
"The need for regional distribution centers remains strong despite a slower pace of export growth," said Stuart Ross, head of industrial operations for China at Jones Lang LaSalle, a leading real estate services provider.
The acquisition, the first investment deal concluded by a major foreign industrial developer in the country so far this year, would add another 57,450 square meters of distribution space to AMB's network of logistic facilities across China.
Under the company's plan, the first phase of 26,450 square meters will be redeveloped from existing manufacturing facilities, and will be ready for lease in December. No timetable has been disclosed for the second phase of 31,000 square meters, which is supposed to be built from scratch.
"The site is strategically located for logistics and distribution activities supporting domestic consumption within Shanghai and throughout the East China region," said Thomas F. Marquis, managing director of AMB Property China.
By March, AMB had a portfolio of about 400,000 square meters across the country under operation and in the pipeline, with more than half located in Shanghai.
The company said earlier that it plans to operate between US$1 billion and US$1.5 billion worth of assets in the country by 2010.
"The need for regional distribution centers remains strong despite a slower pace of export growth," said Stuart Ross, head of industrial operations for China at Jones Lang LaSalle, a leading real estate services provider.
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