German property manager Garbe Industrial Real Estate has acquired a site for an €85m project.

The Hamburg-based project developer said it has acquired the 192,000sqm site in the Bad Hersfeld-Ludwigsau Enterprise Park for the up to 97.000sqm logistics centre.

Construction of the logistics centre is scheduled to begin in the second half of the year. Completion is planned for the end of 2023.

Jan Dietrich Hempel, managing director of Garbe Industrial Real Estate, said: “With this purchase, we have secured one of the last available, ready-to-build prime sites in this size range.

“It is located in an economically strong area that is now one of the most important logistics regions in Germany.”

To read the latest edition of the latest IPE Real Assets magazine click here.