The European Bank for Reconstruction and Development (EBRD) and Swedbank Lithuania are providing a €48.4 mln loan to finance the expansion of Sirin Park Gariunai logistics park in Vilnius, Lithuania.
The EBRD’s contribution is €24.2 mln, with €15.8 mln already disbursed and a further €8.4 mln allocated for future growth.
This financing agreement between Baltic logistics real estate developer Sirin Development, the EBRD, and Swedbank, which is providing the initial funding, will allow Sirin to build approximately 100,000 m2 of modern, sustainable warehouse space in its Vilnius logistics park.
Tomas Kairys, EBRD head of the Baltic States, said: ‘Our support for Sirin Park Garinuai reaffirms our commitment to enhancing Lithuania’s green logistics infrastructure. Partnering with Sirin Development, a leading developer in the Baltic States, gives us confidence in the project’s ability to set new standards for sustainability and efficiency in the region.’
Vlaho Kojakovic, EBRD head of Real Estate, commented: ‘Financing the Sirin Park Garinuai project developed and managed by Sirin Development is a clear demonstration of our commitment to sustainable development in the real-estate sector. This project aligns with our 2025-29 real-estate strategy, which emphasises green building practices, innovation, and creating resilient and energy-efficient supply-chain infrastructure.’
Martynas Trimonis, Swedbank’s head of Real Estate and Energy, said: ‘We have a have a long-standing history of successful collaboration with Sirin Development, with over €100 mln financing provided to date, and are glad to meet our client’s needs for securing the required funding together with international institutions.’
Laurynas Kuzavas, CEO of Sirin Development, added: ‘The EBRD and Swedbank investment enables us to fast-track one of the most successful industrial real-estate location conversions in the Baltic states. We are driving the transformation of outdated industrial facilities into a modern logistics park designed for the future. This park is built to be both energy efficient and economically viable, offering modern warehouse spaces to businesses at a competitive cost.’
Sirin Development manages over 333,000 m2 of logistics space across Vilnius, Kaunas, Riga, and Tallinn. It is the only Baltic company listed among Europe’s top 20 logistics developers by PropertyEU Magazine.
