AMB Property launches US$1.1bn JV in China
AMB Property Corp has formed AMB China Logistics Venture I in order to develop, acquire, own, operate and dispose of logistics properties in key markets in China. AMB’s partner in the venture is HIP China Logistics Investments Ltd. The joint venture’s overall equity commitment is US$588 million, US$88 million of which will be contributed by AMB, The venture is currently targeting investments of up to $1.1 billion over the next four years. "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 Jaquier, president of AMB – Europe & Asia and president of Private Capital. Post closing, AMB expects that the majority of its operating and under-development properties, as well as its land in China, will be contributed to the venture. The JV’s initial target regions include the Yangtse River Delta, the Bohai Bay Area, the Pearl River Delta and Western China. In Japan, AMB reports that most of its properties in the Tokyo submarket experienced minor cosmetic damage, including some buckling in paved truck court areas. AMB believes that its facility located along the coastal area of Sendai in the Miyagi Prefecture was more severely impacted, but access to it has not yet been granted and a full assessment is pending. Quelle: eyefortransport |