AMB Property held its first closing of the AMB Institutional Alliance...

AMB Property held its first closing of the AMB Institutional Alliance Fund I, raising $120 million in commitments. Investors include: the $6 billion pension fund of Citigroup, New York; the $2.3 billion John D. and Catherine T. MacArthur Foundation, Chicago; the $529 million Bush Foundation, St. Paul, Minn.; and the $2.2 billion endowment of the University of Chicago. AMB Fund I, which expects to raise $300 million for a final closing by year’s end, is acquiring and developing industrial distribution facilities in major U.S. cities near airports and interstate highways.