March 25, 2009 (FinancialWire) -- AMB Property Corp. (NYSE: AMB) plans to offer 33 million shares of its common stock in a registered offering. Merrill Lynch & Co. (NYSE: MER), J.P.Morgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) will act as joint bookrunners.

The company plans to grant the underwriters an option to purchase up to 4.95 million additional shares to cover over-allotments.

AMB plans to use the net proceeds from the sale to reduce borrowings under its unsecured credit facilities. The company said it may also use the net proceeds for general corporate purposes.

Some of the joint bookrunners and their respective affiliates are lenders and agents under AMB's unsecured credit facilities and will receive a portion of the proceeds of the offering. AMB said it may invest the proceeds in short-term securities.

San Francisco-based AMB Property is an owner, operator and developer of industrial real estate, focused on hub and gateway distribution markets in the Americas, Europe and Asia.

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