AMB Property Corp. launches $1.1 billion joint venture with HIP China Logistics Investments
AMB Property Corp. (NYSE:AMB), an industrial real estate developer, said Wednesday it has teamed up with HIP China Logistics Investments to invest in logistics properties in China.
The investments will be made through a joint venture called AMB China Logistics Venture I. The joint venture will consist of an equity commitment of $588 million, with $88 million coming from AMB. According to AMB, the venture is looking to make up to $1.1 billion of investments 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," said the president of AMB's Europe & Asia division, Guy F. Jaquier, in a statement today.
The venture will initially focus on investments in the Yangtse River Delta, the Bohai Bay Area, the Pearl River Delta and Western China.
AMB will also transfer its operating, under-development properties, as well as its land in China to the venture.
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