AMB Property Corporation®
As part of the expansion strategy in Latin America, Arauco Distribucion Mexico, the Mexican subsidiary of Chilean forestry company Arauco, leased approximately 118,000 square feet (11,000 square meters) of AMB Agua Fria Building 2 in Monterrey and 120,000 square feet (11,200 square meters) of AMB Los Altos Building 1 in Guadalajara, in order to expand operations in Mexico.
"Our leasing team continues to identify valued tenants and execute deals in our development pipeline, which enhances our portfolio and improves our competitive position in target markets," said Gene Reilly, AMB's president, the Americas. "Partnering with one property owner in multiple locations creates efficiencies and flexibility for our customers. We are pleased to welcome Araucomex to AMB's portfolio in both locations."
In addition to the Arauco leases, 33,000 square feet (3,100 square meters) was leased to a leading logistics company at AMB Agua Fria Building 1. The development is now 100 percent leased.
"Monterrey serves as a logistics hub for much of Mexico due to its strategic location on the NAFTA highway and proximity to the United States," said Luis Gutierrez, AMB's managing director, Mexico. "Additionally, many of Mexico's top corporations, as well as a number of global firms, are headquartered in Monterrey."
As of June 30, 2009, AMB's Mexico portfolio totaled more than 9.8 million square feet (approximately 912,000 square meters) of operating and under development facilities. Target markets consist of Guadalajara, Mexico City, Monterrey, Queretaro, Reynosa and Tijuana.
AMB Property Corporation.® Local partner to global trade.(TM)
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 June 30, 2009, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 156.9 million square feet (14.6 million square meters) in 48 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® facilities--industrial properties built for speed and located near airports, seaports and ground transportation systems.
AMB's press releases are available on the company website at www.amb.com or by contacting the Investor Relations department at +1 415 394 9000.
Some of the information included in this press release contains forward-looking statements, such as those related to the size, development, completion and occupation of AMB Agua Fria Buildings 1 & 2 and further demand for AMB's properties in Monterrey and Guadalajara, AMB's ability to execute deals in its development pipeline and the efficiencies and flexibility created by partnering with owners in multiple locations, 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 or renewal at lower than expected rent or failure to lease at all or on expected terms, decreases in real estate values and impairment losses, our failure to obtain, renew or extend financing or re-financing, risks related to debt and equity security financings (including dilution risk), our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, failure to maintain our current credit agency ratings or comply with our debt covenants, international currency and hedging risks, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, a downturn in the U.S., California or global economy, increased interest rates and operating costs or greater than expected capital expenditures, risks related to suspending, reducing, or changing our dividends, our failure to contribute properties to our co-investment ventures, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, risks and uncertainties affecting property development, value-added conversions, redevelopment 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, risks related to our tax structuring, environmental uncertainties, risks related to natural disasters, changes in real estate and zoning laws, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, 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 and certain other matters discussed under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2008.
First Call Analyst: Robinson, Victoria
FCMN Contact: [email protected]
SOURCE: AMB Property Corporation
CONTACT: Tracy A. Ward, Vice President, IR & Corporate Communications,
Public Relations, +1-415-733-9532,
Web Site: http://www.amb.com/