AMB Makes Big Lease in Paris

AMB Property Corporation (AMB - Analyst Report), a leading real estate investment trust (REIT), has recently signed a leasing agreement for approximately 65,000 square feet in Paris. The deal was signed with Lincoln Electric Holdings Inc. (LECO - Analyst Report), a leading welding equipment manufacturing company.

With the deal, the facility at AMB Port of Rouen spanning 275,000 square feet is now fully leased. AMB had earlier leased 210,000 square feet of space at the site to Schenker France, one of the leading international providers of integrated logistics services, and Necotrans Group, another premier logistics company.

Port of Rouen is strategically located at a prime location and provides immediate access to major centers of commerce in the region through highway network, a dense railway system and two major airports at Roissy and Orly. Lincoln Electric intends to utilize these transportation facilities to strengthen its position in the market. The leased facility is also located in close proximity of its French headquarters.

Based in San Francisco, AMB is a leading global owner, operator and developer of industrial real estate in North America, Asia and Europe. By the end of the second quarter of 2009, AMB had more than 14 million square feet of operating and development facilities in Europe, out of which 4.8 million square feet was located in France.

Industry focused REITs have been one of the worst performing sectors in 2009. With a sagging global GDP, demand for industrial space continues to dry up. However, AMB is better equipped than its peers to weather the current downturn due to its strong portfolio and continued leasing activities.