Global logistics property developer Gazeley has launched the construction of a new 20,000 m[sup]2[/sup] logistics property on a 4-hectare site in Kandel, near Karlsruhe in south-western Germany. In a statement this week, the company said that the development is the first speculative project carried out since the onset of the crisis.
Global logistics property developer Gazeley has launched the construction of a new 20,000 m2 logistics property on a 4-hectare site in Kandel, near Karlsruhe in south-western Germany. In a statement this week, the company said that the development is the first speculative project carried out since the onset of the crisis.
The asset is expected to be delivered by the beginning of 2011. Around 25% has beenpre-let to a car parts manufacturer.
'With this first speculative development in 2010, we are sending a positive signal to the market,' said Ingo Steves, Director Gazeley Germany. 'After the collapse of the financial markets, there was virtually no new construction of distribution facilities on a speculative basis. As a result of the economic recovery, demand for logistics space is increasing again. For this reason we provide a property ready for occupation in the first quarter of 2011, responding very quickly to market needs.'
Last month, Gazeley announced that it has fully let its entire portfolio in Germany. Since its foundation in 1987, the UK-based company has developed over 6 million m2 of logistics and industrial space.