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Wal-Mart Moves Into European Distribution Property

BERLIN-Wal-Mart's UK-based property company Gazeley Properties has bought a 123-acre site near Berlin as the first step towards rolling out its Magna Park distribution park format across Europe.

By Graham Parker | Updated on October 04, 2001

BERLIN-Wal Mart’s property arm Gazeley Properties is set to roll out its Magna Park brand in mainland Europe. The distribution property specialist has bought 123 acres near Berlin from WSF and it plans a DM 390 million ($190 million) logistics park to be known as Magna Park Berlin. And three more European Magna Parks are planned for the next year.

Wal-Mart has been trading as a retailer in Germany since the mid-1990s, and two years ago it acquired Gazeley through the takeover of its parent company, the UK supermarket operator Asda.

The Magna Park Berlin site is close to Potsdam in Brandenburg, 20 miles south west of Berlin. It fronts onto the A10 Berlin ring road. Work on a first phase of development is expected to start before Christmas, with two speculative distribution buildings of 80,320 and 140,000 sf. Quoting rents will be DM 13 per sq m per month ($7 per sf per annum)

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