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LONDON-Continuing to build upon its global platform, AMB Property Corp. has acquired a two-building industrial complex here that the San Francisco-based REIT says is poised to benefit from the 2012 Olympics and the city’s continued demand for industrial space. The newly branded AMB East London Distribution Park is located adjacent to a major highway connecting central London to the M25, a major thoroughfare for the metropolis.

“AMB has entered the UK with a high-quality development property designed to provide our customers with superior functionality and modern specifications in the high-demand Greater London area,” says Guy Jaquier, president of the firm’s Europe and Asia operations. The complex, which sold for about $40 million, will further establish AMB as a major provider of industrial distribution space “in strategic markets integral to global trade,” says Jaquier in announcing the investment.

Mo Barzegar, managing director of AMB Europe, says the east London industrial market is undersupplied at present, especially for modern product such as that being afforded through development of the AMB park. That venture will yield approximately 330,000 sf of space. Besides meeting normal business requirements, Barzegar says a location within 10 miles of Downtown London and expected demand for logistics space as a result of the upcoming Olympics should further enhance demand for the property. “This is a terrific location from which to launch our business in the UK,” he says.

The purchase of the east London asset puts the amount of space acquired in Europe by AMB since mid-year to 800,000 sf, inching the firm near the 10 million sf level for that division. As of mid-year, the REIT had investments in properties and development sites of 136.7 million sf in 44 markets and 13 countries. As in the case of the east London venture, the firm focuses on industrial space possessing in-fill locations in established markets.

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