AMB Expands Presence in Port of Hamburg

AMB Property Corp. has acquired an industrial complex near the Port of Hamburg, Germany, totaling more than 930,000 square feet of existing buildings and 16 acres of land.Kuehne + Nagel, a Swiss logistics company and AMB customer in other parts of the world, has leased about 402,000 square feet of the park in connection with this purchase.According to San Francisco-based AMB, it intends to build out the site through a phased development plan. The undeveloped land, the company said, can hold about 414,000 square feet of additional industrial development.Currently, the Port of Hamburg is the second-largest container port in Europe and the largest seaport in Germany, with about 30 percent of container throughput for northern Europe taking place there, according to the most recent report on the German industrial market by CB Richard Ellis Inc. “Thanks to new maritime links to Asia and eastern Europe, it is highly probable that the volume of goods will continue to increase in the future, and that the port will continue to expand,” noted the report.The park is less than two miles from the Altenwerder Terminals of the Port of Hamburg, and also has access to the A7 highway, the main north-south arterial through the region. That highway in turn links with the A1 highway, which connects Hamburg with the Rhine-Ruhr region, Germany’s most densely populated and industrialized region.Not counting this acquisition, AMB’s European portfolio totals about 11.7 million square feet  of operating and development properties. Worldwide the company owns interests in about 150.2 million square feet in 14 countries.