AMB to Buy Stake in Mexican RE Firm

AMB Property Corp., San Francisco, has agreed to buy the Peabody Group's stake in Mexico's G. Accion S.A. de C.V. real estate management firm for $44.6 million, subject to certain conditions."Since the interest in G. Accion that AMB intends to purchase exceeds certain thresholds provided in Mexican regulations, AMB, together with Kimco Reality Corp. and certain of G. Accion's management team, through their respective affiliates, plan to carry out a tender offer for the remaining public shares and are requesting authorization from the Comision Nacional Bancaria y de Valores to do so," AMB said. The San Francisco-based company said it expects that, after the completion of the tender offer and other related transactions, it will hold approximately 41% of G. Accion's shares.