AMB Leases Six Properties in Asia

More than half a million square feet in three countries in first quarter
Industrial real estate owner and developer AMB Property extended its development portfolio in Asia in the first quarter with 11 new leases in six properties in China, Japan and South Korea.

"During the quarter, we made excellent progress leasing and stabilizing assets in Asia, leasing over half a million square feet, allowing us to stabilize three properties, with an estimated total investment cost of approximately $247 million," said Michael A. Evans, AMB's managing director, Asia.

In China, AMB leased 331,200 square feet if five separate agreements in three key development projects in the cities of Kunshan, Jiaxing and Guangzhou.

AMB signed three leases for 215,500 square feet in two facilities in Japan serving distribution needs of customers in Tokyo.

In South Korea, the company leased 36,400 square feet in three agreements in a development project in the Incheon Free economic zone, immediately adjacent to the cargo terminal area of Incheon International Airport.

AMB's Asia portfolio totals approximately 16.2 million square feet of operating and development properties.

(Source: Journal of Commerce)