Industrial REIT AMB Property Corp. is expected to announce today that it has bought 1.3 million sq. ft. of European and Japanese distribution facilities. The combined deals are valued at $108.4 million, according to The Wall Street Journal.
Included in the deals is the right to develop facilities in Paris, Frankfurt, Madrid and Tokyo. One of the properties — the Bourget Distribution Center near Paris — is a 354,000 sq. ft. warehouse. AMB paid $30.3 million for the center, which is fully leased by a French postal company.
In Frankfurt, AMB paid nearly $20 million for a 164,000 sq. ft. distribution building located near Frankfurt International Airport. The Tokyo properties — two multi-story warehouses totaling 363,000 sq. ft.— are located near a major expressway in metro Tokyo.