Garbe Industrial Real Estate completes development of Westfalenhütte
News 07/11/2018
With the recently completed sale of Amazon’s second logistics facility in the Dortmund Garbe Logistik-Park Westfalenhütte, Garbe Industrial Real Estate GmbH and the English investment bank Rasmala Ltd have successfully finalised the transaction.
Sale of the last development project to Rasmala investment bank now complete
In total, Rasmala has acquired three logistics properties at the Westfalenhütte. These buildings comprise the two large logistics centres (with 50,000 and 30,000 m2 of floorspace) that will be rented out long-term to the internet retailer Amazon, as well as the 32,000 m2 logistics property that will be used by the French sports goods retailer Decathlon. “With the sale of the last logistics properties, we have now successfully completed the project development of our logistics park”, sums up Christopher Garbe, managing partner of Garbe Industrial Real Estate GmbH.
Garbe Industrial Real Estate purchased the 450,000 m2 plot of land, a former steel works, from ThyssenKrupp in 2008, at the beginning of the global economic crisis. In 2012, it started to develop the brownfield site into one of the most sought-after logistics locations in the densely populated Ruhr area. Since then, more than 225,000 m2 of logistics and office space has been created. With Schenker, Amazon, Decathlon and IKEA together with ID Logistics, market-leading companies have settled at the Westfalenhütte, employing more than 2,000 people at the former foundry site. Since 2012, altogether more than 300 million euro have been invested in the site by the companies involved.
“The Westfalenhütte is a model project for the revitalisation of dilapidated industrial sites and demonstrates that the establishment of logistics operations can create real added value for the region and city”, emphasises Jan Dietrich Hempel, managing director of Garbe Industrial Real Estate GmbH. “This was only possible, however, because a mid-sized Germany company, the city of Dortmund and local business development programmes worked together in a pragmatic and goal-orientated way from the very beginning.”