Summary
This 8-K filing from AMB Property Corporation (which later became Prologis) on November 29, 2000, details significant property acquisitions made by its subsidiary, AMB Property, L.P., between June and November 2000. The report highlights the acquisition of three key portfolios: the JFK Air Cargo Portfolio, the Beacon Centre in Miami, and the AFCO Air Cargo Portfolio, along with 34 other industrial buildings. These acquisitions represent a substantial expansion of the company's industrial real estate holdings, particularly in strategic air cargo locations like New York and Miami.
Key Highlights
- 1AMB Property, L.P. acquired the JFK Air Cargo Portfolio (29 buildings, ~923K sq ft) for approximately $103.7 million.
- 2The company invested approximately $160.6 million in the Beacon Centre in Miami (27 buildings, ~2.15M sq ft).
- 3The AFCO Air Cargo Portfolio (10 buildings, ~900K sq ft) was acquired for approximately $98.9 million, a mix of cash, assumed debt, and partnership units.
- 4In total, the company acquired 34 other industrial buildings (approx. 2.77M sq ft) for $155 million, with most of the consideration in cash.
- 5The acquisitions indicate a strategic focus on expanding the company's industrial and air cargo-related real estate portfolio.
- 6AMB Property Corporation consolidates both AMB Property, L.P. and AMB Institutional Alliance Fund I, L.P. for financial reporting.
- 7The filing notes that while significant, these individual acquisitions did not constitute a significant amount of assets under Form 8-K instructions.