Real estate (RE) development company Sirin Development has invested 11 million euros in the first construction phase of a logistics park in Dobrovole, near Vilnius.
This year, the company will invest another 13 million euros in the second phase of its construction, Sirin Development announced.
"We will invest 70 million euros in the project in Dobrovolė, and we will develop it in 7 stages over 7 years," said Laurynas Kuzavas, head of Sirin Development, in a statement.
According to him, this is Sirin Development's third project in Vilnius, and it reflects its strategy to establish three logistics parks in each of the main cities of the Baltic States, developing 2028 million sq. meters of this property by 1.
In the first phase, the company built 1 thousand sq. meters of warehouses in Dobrovolė, 18 km south of Trakai Vokė. In the second phase, it will build another 26 thousand sq. meters.
In December last year, the European Bank for Reconstruction and Development (EBRD) and one of the largest Lithuanian banks,Swedbank lent EUR 48,4 million to Sirin Development for the development of the logistics park in Gariūnai.
In addition, last August, SEB Bank lent EUR 25 million to the company's logistics parks in Kumpiai in the Kaunas district, as well as in the Kaunas Free Economic Zone (LEZ) and Dobrovolė.
Sirin Development has built more than 15 thousand sq. meters of real estate in 600 years and currently manages 470 thousand sq. meters of real estate in Latvia, Estonia and Lithuania.
