AMB Marks First Closing for Latest Fund

SAN FRANCISCO- AMB Property Corp. announced this morning the first closing of AMB Institutional Alliance Fund II. A group of pension funds, foundations, insurance companies and private investors are investing in locally based AMB’s specialty: distribution facilities in major U.S. cities near airports, ports and key interstate highways.

Among the investors are Citigroup Pension Plan, the John D. and Catherine T. MacArthur Foundation and The Bush Foundation. Five of the 10 investors were partners in Alliance Fund I, which closed in March 2000.

At closing, Alliance Fund II owned five properties consisting of 17 buildings, acquired by AMB on behalf of the Fund for $111 million between October of 2000 and May of 2001. Total equity committed to the Fund by investors and AMB is $200 million.