Garbe Industrial Real Estate has acquired a site in Germany for a €28m development project.
The Hamburg-based project developer said it has acquired the 47,000sqm land in Schmölln for the multi-user property, which can be used for both commercial and logistical purposes.
Construction is expected to begin in the second quarter of 2023. The building is scheduled for completion in the first quarter of 2024.
The property is part of the Schmölln-Gößnitz industrial network site.
Adrian Zellner, a member of the executive board of Garbe Industrial Real Estate, said: ”The central location between the two economically strong regions of West Saxony and East Thuringia and the cooperative partnership with the municipal administration were the deciding factors in our decision to commit to Schmölln.
“The demand for space in the Zwickau area and generally along the A 4 motorway continues to increase and supply is limited. Therefore, we are glad that we have been able to secure one of the last prime properties of this size in the vicinity of Zwickau.”
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