New development project signed

Baltic Sea Properties AS has today signed a 12-years lease contract with the Finnish/Baltic-owned group Oribalt for the development of a 6,500 sqm logistics terminal tailored for distribution and logistics of pharmaceuticals, with scheduled delivery by the end of second quarter 2020. The company will under the lease agreement also have the option for an expansion project of additional 5,000 sqm, totaling up till 11.500 sqm.

“Oribalt (former part of Oriola) is experiencing solid growth in the region, and we are very pleased to enter into a long-term cooperation in the development of a logistic-distribution center for the future.

Development of logistics buildings for international players is part of the company’s long-term strategy and after the successful development of the logistics center for the German Rhenus Group, it is very encouraging for us to gain the confidence of another solid international group and especially that its location is of strategic importance to us on the axis between Vilnius and Kaunas, on a site we recently acquired to develop into a cluster of international industrial and logistics players”, says CEO of Baltic Sea Properties AS, Lars Christian Berger.

The lease with Oribalt is an unbreakable 12-year agreement. The building is expected to be handed over to the tenant towards the end of the second quarter of 2020.