In Paris, AMB has purchased the newly constructed Bourget Distribution Center, a 354,000-sf class A warehouse with direct access from the A-1 motorway to both central Paris and Charles de Gaulle International Airport. The property is 100% leased to La Poste, the largest postal company in France and the second largest in all of Europe. The property, acquired for $30.3 million, includes land for more than 100,000 sf of expansion and represents AMB's third acquisition near the airport.

In Frankfurt, AMB paid $19.7 million for FRA Logistics Center at Frankfurt International Airport. The 164,000-sf distribution building is located in Cargo City South, the zone reserved for airlines and their freight-forwarding and cargo-handling partners. Concurrent with its purchase, AMB has signed a lease for the entire property with SFS, the European division of Worldwide Flight Services, an existing customer of AMB at five airport locations. The property has 60,000 sf of expansion potential.

In Madrid, AMB and its joint venture partners, Codina Group and Torimbia, have been awarded the exclusive right to develop 449,000 sf of industrial space adjacent to Madrid's Barajas Airport. Construction is scheduled to begin in the second quarter of 2004 and is expected to total $22.5 million.