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Baltic Sea Properties agrees terms with Rhenus Group for expansion project of apx. 16,000 sqm

Feb 17 2022

Oslo, 17th of February 2022 – Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) has today confirmed a memorandum of understanding (MoU) with its largest tenant Rhenus Group regarding expansion of the existing logistic terminal with approximately apx. 16,000 sqm.

The company has today been informed that the expansion project including main terms has been approved both by the Board of Directors in Rhenus Group and their Supervisory board. The final contract negotiations are already underway, and it is expected to be concluded in the next few weeks.

The expansion project includes a new 16,000 sqm logistic terminal including cross docking area of approx. 4.800 m2. The property will be certified in accordance with the sustainability rating scheme BREEAM and a photovoltaic cell facility will be installed on the roof of the expanded area. Total project cost is estimated to be around MEUR 14,5 (apx. MNOK 145). Estimated handover to the tentant is in the third quarter of 2023.

The terms include an extension of the current lease agreement with a new 15-year period running from the handover date for the extended area. Upon completion, the total leasable area of the terminal will be approx. 34,000 sqm.

“Rhenus Group is a valued and very important client to Baltic Sea Properties, and this expansion is a testament to how well we work together” says Lars Christian Berger; CEO of Baltic Sea Properties. “It is an integral part of our strategy to grow with our tenants and offer expansion opportunities when their needs change. I also want to express my delight with our team who has worked hard over a long period of time to get to this point.”

For more information, please contact:
Lars Christian Berger
phone: +47 930 94 319