Baltic industrial real estate developer Sirin Development UAB is investing €41 mln in a 63,000 m2 warehouse project in the Kaunas Free Economic Zone (FEZ) in Lithuania.
The first phase will see the construction of 20,000 m2 of warehousing on Jegaines Street by Q3 2023, to be followed by over 43,000 m2 on Gamybos Street by the end of 2025.
The Kaunas FEZ allows locally-based companies to benefit from tax relief and other incentives.
Said Sirin Development’s CEO, Laurynas Kuzavas: 'The plan is for our company’s investments in Class A+ warehouses in the district of Kaunas to reach €100 mln by the end of 2026, with a total of more than 150,000 m2 of warehouse facilities built and in development.
'We believe the convenient location and chance to rent modern warehouse units of over 1,000 m2 will be of particular interest to companies that are thinking about expanding in Lithuania and want to optimise logistics costs or ensure faster customer service around the country.'
Sirin Development is currently developing 72,000 m2 of A+ energy class warehouse space and owns 230,000 m2 of industrial property in Lithuania and Latvia.
In Vilnius, it is developing the Liepkalnis Industrial Park (165,000 m2) and the J55 Logistics Centre (103,500 m2); in Kaunas the Kaunas Logistics Centre (80,300 m2), and in Riga the Rumbula Logistics Park (85,000 m2).
Over the next five years, it plans to expand its Class A+ warehouse facilities to one million m2.
Demand for modern and sustainable warehouses in Lithuania is being boosted by local businesses seeking a flexible supply of space with energy efficiency and a work setting that meets employees’ expectations.
