Global logistics property developer Gazeley has acquired a large plot of land in the south of Hamburg for the development of up to 70,000 m2 of logistics space. Construction work is expected to start once the anchor tenant is secured, the company said in a statement on Tuesday.

The site is directly on the A39 motorway (Hamburg-Lüneburg), and is expected to significantly benefit from the planned expansion of the motorway to Wolfsburg.

'We are pleased to bring this major project to the metropolitan region of Hamburg and to create a foothold for us in the Northern German market,' said director Ingo Steves.

In October last year, Gazeley launched its first speculative project in Germany since the onset of the crisis. The company started the construction of a new 20,000 m2 logistics property on a 4-hectare site in Kandel, near Karlsruhe in south-western Germany.