SAN FRANCISCO-Locally based AMB Property Corp. has formed AMB China Logistics Venture I. The venture’s investment strategy is 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 $588 million, of which AMB will contribute $88 million. 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,” explains Guy F. Jaquier, president of Europe & Asia and president of private capital. “AMB remains committed to developing private capital ventures targeting its global growth markets. During the first quarter of 2011, we have added more than $1 billion in new third-party equity commitments to our platforms around the world.”
Post closing, the expectation is that the majority of AMB's operating and under-development properties, as well as its land in China, will be contributed to the venture. The venture's initial target regions include the Yangtse River Delta, the Bohai Bay Area, the Pearl River Delta and Western China.
This isn’t the company’s first JV. Just recently, as GlobeSt.com reported, MB Property Corp. and AMB created a joint venture to acquire, own and operate industrial properties throughout Europe. The total equity commitment was $648 million.
As of December 31, 2010, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 159.6 million square feet in 49 markets within 15 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
