Gazeley starts construction on two developments in Europe

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Gazeley has started construction on two developments in Europe totaling 38,000 sq m.

In Italy, Gazeley is developing a 30,500 sq m warehouse at Magna Park Monticelli in Northern Italy for Italia Logistica on behalf of electricity provider Enel Distribuzione.

The building, due to be delivered in March 2010, will serve the business needs of Enel Distribuzione in the North of Italy by consolidating existing distribution platforms into one logistics hub.

The development represents an investment of €16 million and the lease will run for an initial nine years, with a potential six-year extension.

While in Germany, the cornerstone for a new Iron Mountain archive centre has been laid at Magna Park Rhein-Main, near Butzbach.

Gazeley will develop the 7,500 sq m facility to support Iron Mountain’s operations in Germany.

Work commenced on the 16,000m2 plot of land at Gazeley’s Magna Park Rhein-Main in September 2009 and will be completed by April 2010.

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