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AMB Completes First China Buy

SHANGHAI-The publicly held industrial REIT from San Francisco makes its first investment in China, acquiring a 184,000-sf building here that comes with an adjacent parcel slated for a similar size building.

By Brian K. Miller | Updated on December 05, 2005

(To read more on the industrial market, click here.)

SHANGHAI-AMB Property Corp has acquired its first asset in China. The San Francisco-based industrial REIT paid $8.7 million for an existing 184,000-sf industrial building here along with enough adjacent land to develop another 185,000-sf building.

The existing building, renamed AMB Jiuting Distribution Center, is located in an industrial zone approximately six miles from the Hongqiao Airport and 12 miles from Shanghai’s city center. The building has 32,250 sf of ancillary office space that is currently vacant and 151,750 sf of distribution space that is leased to a distributor of pharmaceutical products and a subsidiary of a French sports gear distributor and retailer.

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