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Baltic Sea Properties signs development contract with international parcel delivery group

Aug 11 2021

Oslo, 11th of August 2021 – Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) has signed two lease agreements with the French-owned parcel delivery group DPD (owned by Le Groupe La Poste) for the development of two new distribution centers in Siauliai and Telsiai, Lithuania. The size of the terminals combined is approx. 4000 m2 and will be tailored for distribution and logistics of parcel deliveries, with scheduled delivery by the second quarter of 2022.

The lease agreements are both with a 15-years unbreakable lease term on triple net terms. The Company will under the lease agreement also have the obligation to provide and take over further expansions (minimum 1000m2) for both terminals within five years, subject to the tenant’s request within the period.

“DPDgroup has the largest parcel delivery network in Europe and is top of the class in Lithuania. Hence, we are very pleased to enter long-term cooperation with them for the development of two new logistic distribution centers. We are extremely impressed with DPD’s operations and believe we are a good fit for DPD’s further expansion in the region”, says CEO of Baltic Sea Properties AS, Lars Christian Berger.