AMB Plans Nearly $2B of Annual Development

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SAN FRANCISCO-Industrial REIT AMB Property Corp. plans to expand its development pipeline from $914 million in 2006 to a target of approximately $1.6 billion per year by 2010. The company, which has been expanding its development activities globally over the past five years, will concentrate the new development on industrial distribution space in major markets tied to global trade.

The new development initiative will build on the momentum that the company has achieved since 2002, when it began a tenfold expansion of its development activities leading to the $914 million of new projects in 2006. The program has also included dispositions and the recycling of capital back into the publicly held company’s development pipeline.