Logistics real estate
Garbe Industrial Real Estate develops first project in the Czech Republic
Garbe Industrial Real Estate is preparing its first project development in the Czech Republic. The logistics and industrial real estate specialist has acquired a 64,000 square meter site in Chomutov. The city with a population of just under 50,000 is located in north-western Bohemia, around 20 kilometers from the German-Czech border.
"The land purchase is the first step on our path to expansion in Central and Eastern Europe," says Martin Polák, Managing Director Central Eastern Europe at Garbe Industrial Real Estate. To date, the logistics real estate developer has concentrated on the markets in Germany, France, Austria and the Netherlands. The fact that the Czech Republic was chosen for the first project development outside Western Europe is partly due to the growth prospects. "The logistics sector is one of the most dynamic economic sectors in the country," emphasizes Martin Polák.
Christopher Garbe, Managing Director of Garbe Industrial Real Estate, comments: "We are delighted with our first successful property acquisition in the Czech Republic. The expansion into the CEE region is an important step for us in our organic growth strategy. Poland, the Czech Republic and Slovakia have the highest growth rates in the e-commerce sector in Central and Eastern Europe. Combined with a large sales market, favorable wage levels and an established logistics market, these countries represent an interesting investment target for investors."
The acquired property is a brownfield site. The site was previously used as a municipal building yard. The aim is to demolish the old buildings by the end of this year. The plan is then to revitalize the entire site. The concrete parts resulting from the demolition are to be recycled on site and used as a base layer for the 32,000 square meters of new construction. Construction is scheduled to start in summer 2021. "We want to use the property to attract companies from the production, logistics and e-commerce sectors," explains Martin Polák: "Chomutov is particularly interesting for companies with business connections to Germany due to its connection to the regional and national road network."
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