AMB Property Corporation, a leading global developer and owner of industrial real estate, today announced it has entered property in South Korea market with a 363,000 square foot development project in the Incheon Free Economic Zone, immediately adjacent to the cargo terminal area of Incheon International Airport.

"As the world's second largest airport as measured by cargo volumes, Incheon International is the primary logistics hub serving Korea and greater Northeast Asia. Our expansion into this market is a logical step as we continue to offer modern distribution facilities in major gateway markets throughout Asia, Europe and North America," said Hamid R. Moghadam, AMB chairman and CEO. "AMB is bringing its international standards for strategically-located and functional facilities to South Korea, as the country seeks to enhance its competitiveness in the logistics sector."

Incheon International Airport is currently undergoing an expansion and is expected to have cargo handling capacity of 4.5 million metric tons by 2008.

Jae Hee Lee, Incheon International Airport Corporation CEO, commented, "South Korea's Incheon International Airport has undergone significant improvements, winning first place in the world's airport service ranking in both 2006 and 2007. In 2007, we were ranked second in the world's cargo volumes, thanks to the increase of transshipment. AMB's contribution to the logistics facilities offerings at Incheon further positions the airport as a primary air cargo hub."

Named AMB ICN Logistics Center, the 363,000 square foot facility incorporates the latest design standards and flexibility to accommodate multi- tenancies.

"With this development, AMB brings Class A airport logistics product to South Korea, building on the momentum that the government and airport initiated by making significant infrastructure investments in Incheon and its International Airport," said Guy Jaquier, AMB's president, Europe & Asia. "Further, as the first third-party development at Incheon, we will be meeting pent-up demand for logistics space. AMB ICN Logistics Center is ideal for domestic delivery, international air delivery and freight forwarding companies looking to locate at this world class airport."