Baltic Sea Properties

Quarterly Report • Nov 18, 2022

Quarterly report Q3 2022

Baltic Sea Properties AS

About us

Baltic Sea Properties is a Norwegian public listed, open-ended and fully integrated investment company. The company is among the Baltics' leading real estate investors and developers – owning a diversified cash flow generating portfolio of modern real estate in the logistics, industrial and commercial segments.

Our strategy is to develop long-term relationships with strong clients and to hold high-quality assets in attractive locations. We grow our portfolio by own developments and acquisitions with the objective to maximise shareholder values and the company's dividend capacity.

The property management is conducted through fully-owned subsidiaries by a professional management team with deep knowledge of the Baltic real estate market

Contents

About us	2
Highlights	6
Key figures	8
Financials Profit & loss statement Balance sheet Financing Comprehensive income & Net Asset Value	14 15 16 17 18
Property portfolio Clients Presentation of our properties Land bank	20 21 22 31
Contact	32
Euronext Growth Oslo	35

Disclaimer:

This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company's shareholders updated information about the company's operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company's status and/or operations. The report also includes descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.

Investment strategy

Investing in Baltic Sea Properties gives an investor exposure to highyielding, quality commercial real estate assets in the Baltic region.

We have a clear strategy for sustainable growth, ambitions to achieve economy of scale and believe the attractive yield spread to the Nordics will still enable both high cash yield returns and value growth potential.

Our overall goals and objectives are to:

01

Target an average annual IRR (internal rate of return) of 12-16 %

02

Continually integrate leading sustainability & ESG principles

03

Monitor and investigate strategic M&A opportunities

04

Sustain a growing, high quality and balanced investment portfolio

05

Continually identify, balance, mitigate and manage risks

Our development approach

5

Highlights

Q3 report 2022

This fall we have successfully completed and handed over three construction projects to their respective clients, while finalising BREEAM-measures at the first two properties in our portfolio. Our income from property management (IFPM) for the first three quarters of 2022 was MEUR 2.34 (2.32) while our NAV strengthened by 9.22 % (including dividend) during the nine months since 31st of December 2021.

Despite turbulence in the global markets, we have been delivering steady. Nevertheless, we do expect the rising interest rates and inflationary pressure to yield lower returns in the market than what we have seen over the last few years. We remain with a clear strategy for disciplined growth to provide a better economy of scale with stable and sustainable returns, and we believe the attractive yield spread to the Nordics will continue to enable both relatively high cash yield and value growth potential.

Q3 key event summary

• In July, we successfully re-financed most of our portfolio, with an improved amortisation schedule enabling higher free cash flow from operations. The improved cash flow gives us increased flexibility to withstand market cycles and pursue opportunities in a currently unpredictable environment.
• In August, we distributed a dividend of NOK 1.50 per share to the shareholders, in accordance with the AGM's decision on the 1st of June 2022. The dividend distribution yields a direct return of 2.6 % on value adjusted equity.
• In September, we completed the expansion project for Delamode Logistics and successfully handed over 4 876 m2 of new space to the client on schedule. This also marks the start date for a new 12.5-years lease term with Delamode for the terminal.
• With three construction projects coming to an end this fall, our pipeline of new potential projects is among our most important priorities. We are well-positioned to take on new projects but are putting significant effort into analysis to mitigate risk and optimise value potential.
• We also keep working focused together with our clients to identify and explore mutually beneficial solutions to improve energy efficiency for our real estate portfolio. So far, we have completed the necessary works at two properties for them to qualify for BREEAM In-Use certification at the level of "Very Good". We expect to have the final certification in place by year-end.

DPD | Completed in October 2022

DPD | Completed in October 2022

• We have recently also published our new website on balticsea. no (September), offering investors and stakeholders extensive information on our company's latest news and updates, strategy, and portfolio.

After balance closing

• In October we delivered two new development projects to DPD, one of the world's largest distribution operators. An official opening ceremony is scheduled the for 18th of November, and we are excited to wish our new partner the very best of luck with operations in their two brand new facilities.
• In November, the company decided to repay mEUR 3.0 back to our mezzanine provider, Ambolt Mezzanine Sub-Fund. The repaid capital is available for the company if needed and will serve as an unused credit facility in case the right opportunity comes. Thus, the LTV of the company reduces to 60.85 %.

Company	2022 Jan - Sept	2021 Jan - Sept
Rental income (mEUR)	4.98	4.73
Income From Property Management (IFPM) (mEUR)	2.33	2.32
Return on Equity inc. dividend (NAV), first 9 months (YTD)	9.22 %	13.88 %
Investment properties value incl. booked cost on development projects (mEUR)	98.90	73.39
Loan to Value investment portfolio (LTV) ex. mezzanine facilities	54.5 %	54.1 %

Development projects
Client	Ownership	Location	Expected completion	Leaseable area	Estimated cost (MEUR)	Of which accrued (MEUR)	Yield on cost
Delamode expansion*	100%	Vilnius	September 2022	4 876 m2	3.89	3.89	8.50 %
DPD Siauliai	100%	Siauliai	October 2022	2 369 m2	2.67	2.00	7.50 %
DPD Telsiai	100%	Telsiai	October 2022	1 771 m2	1.87	1.68	7.50 %
Oribalt	100%	Vilnius	April 23	2 804 m2	2.45	-	7.50 %
Sum				11 820 m2	10.88	7.57
* Completed handover September 2022.

Key figures Q3 2022

• Key figures properties
• Key figures group
• Net Asset Value

Please note:

• The figures in this report are unaudited.

Properties

Rent roll

Company	Segment	Client	Contractual annualised rent (EUR) 1	% income	GLA	WAULT
BSP LP	Logistics	Girteka	981 242	12.4 %	17 149	3.3
BSP LP II	Logistics	Vinges	1 100 785	13.9 %	21 929	16.1
BSP LP IV	Logistics	Rhenus	1 116 005	14.1 %	18 226	12.3
BSP LP 5 2	Logistics	Delamode	874 373	11.0 %	13 205	12.5
BSP LP 6	Logistics	Oribalt	441 965	5.6 %	6 825	13.1
Klaipeda Business Park (KVP)	Industrial	Multiple	1 556 191	19.6 %	23 990	3.5
BSP RP I	Retail	Multiple	77 477	1.0 %	1 337	3.3
BSP RP V	Retail	Maxima	271 859	3.4 %	3 021	11.9
BSP Grandus	Retail	Multiple	1 027 641	13.0 %	11 437	4.3
Sum			7 447 538	93.9 %	117 119

1) Contractual annualised rent in this table is not CPI-adjusted for 2023.

2) The expansion project for Delamode was completed in September 2022.

Expansions and Developments
-----------------------------	--	--

Project	Segment	Client	Contractual annualised rent (EUR) 1	% income	GLA (sqm)	WAULT
DPD Šiauliai	Logistics	DPD	186 834	2.4 %	2 370	20.0
DPD Telšiai	Logistics	DPD	118 078	1.5 %	1 511	15.0
Oribalt expansion	Logistics	Oribalt	181 699	2.3 %	2 804	13 .1
Total			486 611	6.1 %	6 685

Sum including expansion & developments	7 934 149	100.0 %	123 804	9.14

Terms/abbreviations used in the table above:

• GLA: Leasable area.

• Contractual annualised rent: Group contracted annual rent including annual rent from projects under development.

Portfolio based on

Retail Logistics Industrial

Key figures group

3rd quarter report 2022 (unaudited)

Per share (NOK)	30/09/2022	30/09/2021	Balance sheet 3 (MNOK)	30/09/2022
	61.03	51.66	Investment Properties	1 004
	5.77	5.08	Other assets	107
12-month return NAV incl. dividend (EUR)	16.41 %	19.41 %	- of which is cash	91
	52.00	49.00	Total assets	1 111
	6 688 232	6 688 232	Debt	670
	10.5838	10.1650	Deferred tax liability	33
EURNOK rate, YTD average 2	10.0055	10.2270	Net Asset Value (Equity)	408

1) EURNOK rate per balance sheet date is used when converting balance sheet figures.

2) EURNOK YTD average rate is used when converting P&L figures.
-----------------------------------------------------------------

Property portfolio (MNOK)	30/09/2022	30/09/2021	Profit & loss (MNOK)	30/09/2022
Fair value of portfolio	1 004	746	Rental income	49.9
Value of equity based on NAV	408	345	Other operating income	0.9
Gross rent income per date	49.9	48.4	Operating expenses excl. depreciations and impairments	16.1
NOI yield (investment projects)	7.60 %	7.67 %	EBITDA (Operating profit/loss excl. depreciations and impairments)	34.7
IFPM yield (annualised) 4	8.34 %	9.12 %	Income From Property Management (IFPM) 4	23.4
Shortest contract length (years)	3.3 yrs	1.0 yrs	EBIT	17.4
Longest contract length (years)	16.1 yrs	17.0 yrs	Profit/Loss before tax	9.3
Occupancy rate	99.5 %	99.5 %
WAULT (years)	9.14 yrs	10.1 yrs
IBD (incl. mezzanine & seller credit) 5	643	441
LTV (incl. mezzanine & seller credit) 5	64.0 %	59.2 %

Balance sheet 3 (MNOK)	30/09/2022	31/12/2021
Investment Properties	1004	754
Other assets	107	58
- of which is cash	91	53
Total assets	1 1 1 1	812
Debt	670	429
Deferred tax liability	33	21
Net Asset Value (Equity)	408	361

3) Balance sheet adjusted to fair value.

depreciations and impairments	16.1	14.9
depreciations and impairments)	34.7	37.5
(IFPM) 4	23.4	23.7

4) IFPM per last year differs from the Q3 report in 2021 (MNOK -2.6) due to reclassification of profit from asset sale.

5) MNOK 30 was repaid in November 2022. LTV after repayment is 60.85 %.

Terms/abbreviations used in this report:

• NOI = Net Operating Income

• NOI yield = Annualised budget net operating income from property portfolio (incl. all salary expenses) / Market value of the portfolio. Yield is adjusted for land bank value.

• IFPM (Income From Property Management) = Profit/loss before tax excluding depreciations, profit/loss/value movements on properties, realised investments, currency and other financial instruments.
• IFPM yield = Income From Property Management / Net Asset Value (NAV)
• PFPM (Profit From Property Management) = Profit/loss after tax excluding depreciations, profit/loss/value movements on properties, realised investments, currency and other financial instruments
• PFPM yield = Profit from Property Management/ Net Asset Value (NAV)
• IBD = Interest-Bearing Debt all outstanding debt to credit institutions and/or other credit facilities
• LTV = Loan to Value ratio
• EBITDA = Earnings before interest, tax, depreciation and amortisation
• Surplus ratio = Net Operating Income related to rental income
• WAULT = Weighted contract length (income/year)
• BREEAM = BRE Environmental Assessment Method) is an environmental assessment standard developed by the Building Research Establishment (BRE) for rating the sustainability of buildings.

Net Asset Value (NAV)

Net Asset Value (NAV) is a measure of the fair value of the company's net assets on an on-going long-term basis, calculated as the total value of the company's assets minus the total value of its liabilities, with certain adjustments.

Public and private real estate companies and real estate funds use slightly different adjustment principles when calculating their NAV. Below is therefore an explanation of how NAV is calculated in Baltic Sea Properties.

Assets valuation and adjustments for NAV:	• • •	Investment (income generating) property and development land is valued and included using the most recent market value based on independent valuations (using discounted cash flow method.) External financial investments are valued and included at their most recently published/ recorded NAV (alternatively most recent transaction price if NAV is not available.) Development property, unfinished construction and other assets are valued and included at book value (cost price less depreciation)

Liabilities adjustments for NAV:

• Financial liabilities are valued and included at book value.
• Deferred tax liabilities are valued and included at 50 % of the deferred profit tax calculated on the difference between the current property market value and tax book value. (This adjustment principle is based on market practice and a deemed fair value basis)
• Interest rate swaps are valued and included at book value.
• Other liabilities are valued and included at book value.

Please note:

Since the 3rd quarter of 2020, the company has used a new principle for estimating latent tax liabilities in its NAV calculations. The change increases the group's latent tax with apx. MNOK 1.0 relative to the booked net deferred tax liability per 30/09/2022.

Our Vision

Our vision is to be the preferred real estate partner and leading investment company in the region.

We will achieve this by staying true to our mission and values.

Our Mission

Our mission is to foster a great team, to provide high quality and sustainable solutions for our partners, thus creating superior long-term value and returns for our shareholders.

Our Values

• • Commitment to our people and their professional development.
• Focusing on innovation and value creation.
• • Respect for our social and physical environment.
• • Accountability and fairness with our stakeholders.
• • Reliability and integrity in all we do

Financials

Q3 2022

• P&L
• Balance sheet
• Financing

Please note:

• The figures in this report are unaudited.

Profit & loss

3rd quarter report 2022 (unaudited)

(Figures in parentheses are comparable figures for the previous year)

Total operating income per 30th of September 2022 was MNOK 50.8 (MNOK 52.4). Of this MNOK 49.9 was rental income from the investment portfolio (MNOK 48.4). Measured in EUR, the rental income was increased by EUR 254 091 compared to the same period for the previous year. Specified, we saw a reduction in income from assets sold of MEUR -0.58, an increase from assets acquired (KVP and Grandus) of MEUR 0.72, and MEUR 0.11 from other changes and adjustments.

Direct ownership costs (including administration cost) were MNOK 10.1 (MNOK 9.2), increased from same period last year due to an increase in property-related expeses and other expenses related to an increased size in portfolio and organisation.

Net rental income per 30th of September 2022 was MNOK 39.8 (MNOK 39.1).

Other operating income was MNOK 0.9 (MNOK 4.0). The reduction is largely explained by last year's figure being boosted by an asset sale above book value.

Other operating expenses were MNOK 6.0 (MNOK 5.7). The increase is mostly expenses to external advisory related to the increased scope of the operations through 2021 and 2022.

The profit from operations before financial items, depreciations, and impairments (EBITDA) per 30th of September 2022 was MNOK 34.7 (MNOK 37.5).

Booked depreciations were MNOK -17.9 (MNOK -17.1), while the net effect from impairments and reversal of previous years' impairments was MNOK 0.6 1 (MNOK 4.2).

Net financial items MNOK -8.1 (MNOK -2.6). Other finance mainly benefitted from value increase in interest rate hedging agreements and currency gains. The decrease from same period last year, despite last year's fees related to refinancing, is largely explained by last year's booked profit (MNOK 8.2) from a sale of shares in EECP.

Profit before tax per 30th of September 2022 was MNOK 9.3 (MNOK 22.0).

P&L Group (NOK)	30/09/2022	30/09/2021
NOK (YTD)
Rental income	49 858 096	48 363 099
Real estate tax, land tax, etc.	-1 636 616	-1 070 459
Maintenance and fit-out	-73 783	-42 860
Other direct ownership costs	-8 368 781	-8 109 617
Sum direct ownership costs	-10 079 180	-9 222 936
Net rental income	39 778 917	39 140 163
Other operating income	908 910	3 993 384
Other operating expenses	-6 009 203	-5 653 476
EBITDA	34 678 624	37 480 071
Depreciations	-17 935 564	-17 067 845
Impairments (-) 1 / Reversal of	633 115	4 216 645
previous impairments (+) 2
EBIT	17 376 175	24 628 871
Net interest	-11 314 731	-11 230 625
Other finance	3 199 485	8 592 035
Profit/loss before tax	9 260 928	21 990 282
YTD average EURNOK rate	10.0055	10.2270

2) Accounting profits from property sales less than accumulated impairments from previous periods are here presented as reversal of previous impairments.

¹⁾ Including booked provision for expected loss of deposit (MNOK 2). The same cost is recorded under "Realised changes in value of investments" in the comprehensive income table on page 18.

Balance sheet

3rd quarter report 2022 (unaudited)

Valuation of properties

Valuations of the properties are conducted by two independent valuators, based on discounted cash flow (DCF) analyses, which is standard method and our normal practice. Furthermore, we order valuations two times per year, year-end and end of second quarter. The portfolio was valued at a total of MEUR 94.9 in the NAV calculation per 30th of September 2022, based on valuations from Newsec and Oberhaus (30th of June 2022) and adjusted for additional investments not included in the valuations. The expansion project with Delamode was however valued by third parties.

Balance sheet

Per the 30th of September 2022 the Group had a total cash balance of MNOK 91 (31.12.2021: MNOK 53).

In August 2022, a dividend of NOK 1.50 per share was distributed to the shareholders, in accordance with the AGM's decision on the 1st of June 2022.

The book value of equity per the 30th of September 2022 was MNOK 231 (31.12.2021: MNOK 216), while the Net Asset Value (NAV) was MNOK 408 (31.12.2021: MNOK 361). Measured in EUR, the NAV increased by 6.54 % during the first three quarters of 2022 (adjusted for dividend 9.22 %).

Total amount of shares issued per 30/09/2022 was 6 688 232, of which the company itself held 10 395.

Subsequent events

In November 2022, BSP repaid MNOK 30 of the mezzanine loan drawn up in July.

Book values according to cost method (MNOK)	30/09/2022	31/12/2021
Fixed assets	829	605
Current assets	105	57
- of which is cash	91	53
Assets	934	662
Equity	231	216
Debt	702	446

Property portfolio (MNOK)	30/09/2022	30/09/2021
Fair value of portfolio	1 004	746
Value of equity based on NAV	408	345
Gross rent income per date	49.9	48.4
NOI yield (investment projects)	7.60 %	7.67 %
IFPM yield (annualised)*	8.34 %	9.12 %
Shortest contract length (years)	3.3 yrs	1.0 yrs
Longest contract length (years)	16.1 yrs	17.0 yrs
WAULT (years)	9.14 yrs	10.1 yrs
IBD (incl. mezzanine & seller credit)	643	441
LTV (incl. mezzanine & seller credit)	64.0 %	59.2 %
IBD (excl. mezzanine & seller credit)	548	388
LTV (excl. mezzanine & seller credit)	54.5 %	53.8 %

* IFPM per last year differs from the Q3 report in 2021 (MNOK -2.6) due to reclassification of profit from asset sale.

Value movements portfolio (MEUR)	30/09/2022
Investment property valuation, year-start	75.44
Acquistions & developments	18.93
Divestments	-
Unrealised value movements	0.52
Investment property valuation, 30/09/2022	94.89

NAV* per share	30/09/2022	31/12/2021	30/09/2021
NOK	61.03	54.10	51.66
EUR	5.77	5.42	5.08
Applied EURNOK conversion rate	10.5838	9.9888	10.1650

* Net Asset Value.

Financing

3rd quarter report 2022 (unaudited)

	Debt maturity			Interest Swap maturity
Year	EUR	Share %	Interest margin	EUR	Share %	Swap fixed rate
0-1 year
1-3 years				21 356 247	100 %	0.57 %
4-5 years	51 753 529	85.19 %	2.14 %
Total funding real estate portfolio 1	51 753 529	85.19 %	2.14 %	21 356 247	100 %	0.57 %
Mezzanine 2	5 000 000	8.23 %	9.30 %
Seller credit 3	4 000 000	6.58 %	8.00 %
Sum loan	60 753 529	100 %	3.11 %	21 356 247	35 %	0.57 %

1) Weighted average bank interest margin is 2.14 % + 3-months EURIBOR (1.17 % per 30th of September 2022). The interest swap is against 3-months EURIBOR.

2) Interest rate for the mezzanine loan is including margin. Mezzanine loan was renewed and increased to MEUR 5.0 in July 2022 and now expires in September 2024. MEUR 3.0 was repaid in November 2022 (credit facility is still available if needed).

3) Interest rate for the seller credit is including margin. Interest cost all-inclusive. Seller credit is related to the transaction of Grandus SC and expires in the end of May 2023.

Loan financing	30/09/2022	31/12/2021
Interest-bearing debt incl. mezzanine loan and seller credit (MEUR)	60.8	40.7
LTV incl. mezzanine loan and seller credit	64.02 %	53.90 %
Interest-bearing debt excl. mezzanine loan and seller credit (MEUR)	51.8	39.2
LTV excl. mezzanine loan and seller credit	54.54 %	51.92 %
12-month running interest rate all loans (incl. margin)*	3.11 %	2.65 %
Interest rate hedging ratio	35 %	62 %
Time until maturity interest-bearing debt (weighted)	4.66 yrs	3.9 yrs
Time until maturity interest hedging contracts (weighted)	1.46 yrs	2.2 yrs

* Excl. 3-months EURIBOR & swap agreements

Effects from partial mezzanine repayment (MEUR)	15/11/2022	30/09/2022
Interest-bearing debt, total	57.75	60.75
Interest-bearing debt, bank loan*	51.75	51.75
Interest-bearing debt, mezzanine	2.00	5.00
Interest-bearing debt, seller credit	4.00	4.00
LTV, total*	60.85 %	64.02 %

* Assuming same outstanding bank loan and portfolio market value as per 30/09/2022.

Concept visualisation | Liepų Street, Klaipėda Liepų Parkas (3.6 hectare) | Retail and business park

Comprehensive income & Net Asset Value

3rd quarter report 2022 (unaudited)

NOI	4 794 453	4 563 527	6 064 888
Other operating income	90 841	140 814	198 394
Administration cost	-818 744	-736 387	-1 206 487
Other operating cost	-600 591	-550 550	-732 109
Net realised interest cost & finance expenses	-1 130 852	-1 098 135	-1 811 717
Income from property management (IFPM)*	2 335 107	2 319 270	2 512 969
Tax for the period	-185 687	-137 581	-117 644
Profit from property management (PFPM)	2 149 420	2 181 689	2 395 325
Realised changes in value of investment properties	-	249 114	678 559
Unrealised changes in value of investment properties (book value) Realised changes in value of investments (JV, equity investments etc.)	263 277 -200 000	412 305 800 079	736 640 805 094
Changes in values of derivatives	405 665	262 562	371 822
Other financial income	-		29
Currency	142 494	86 894	81 049
Other financial expenses	-228 386	-308 705	-
Depreciation	-1 792 573	-1 668 900	-2 218 889
Profit before tax	925 585	2 152 619	2 967 272
Tax for the period	-185 687	-137 581	-117 644
PROFIT	739 898	2 015 038	2 849 628
NET ASSET VALUE	30-Sep-22	30-Sep-21	31-Dec-21
	EUR	EUR	EUR
Investment properties (valuation)	94 898 380	73 394 259	75 440 646
Other financial assets (market value)	12 752	9 242	-
Other fixed assets	177 406	98 671	109 924
Total fixed assets Accounts receivables	95 088 537 329 212	73 502 172 174 741	75 550 570 202 277
Accrued income	-	152	511
Loans to affiliated companies	-	-	-
Other receivables	913 487	117 222	179 826
Total receivables	1 242 699	292 114	382 614
Bank deposits	8 643 643	7 839 764	5 284 979
Total current assets	9 886 342	8 131 879	5 667 593
TOTAL ASSETS	104 974 879	81 634 050	81 218 163
Deferred tax liabilites (according to our NAV calculated def.)	3 121 279	2 091 053	2 147 496
Loans from credit institutions	51 151 827	39 168 243	37 075 344
Other long-term liabilities	25 102	529 755	397 450
Total long-term liabilities	51 176 929	39 697 998	37 472 794
Loans from credit institutions Accounts payable	601 702 889 363	523 188 2 621 826	2 092 919 425 582
Payable taxes	281 368	336 008	306 865
Public fees and taxes	203 554	197 124	172 230
Provision for dividends	32 797	34 148	34 751
Loan from related party	4 117 515	-	-
Prepayments	832 859	679 216	662 286
Mezzanine	4 809 413	1 427 676	1 494 944
Other short-term liabilities	401 052	113 395	266 425
Total short-term liabilities TOTAL LIABILITIES	12 169 623 66 467 831	5 932 580 47 721 632	5 456 001 45 076 291
NET ASSET VALUE	38 507 048	33 912 419	36 142 845

Value movements Q3 2022 (EUR)

Debt overview (EUR)

Balance Flow

Property portfolio Q3 2022

• Client mix
• Presentation of our properties
• Land bank

Client mix

Distribution of rent income

Logistics & distribution	Retail
57.5 %	17.4 %
Industrial	Pharmaceutical
19.6 %	5.6 %

Rhenus | Logistics

Company name: BSP Logistic Property 4 Client: Rhenus Logistics GLA: 18 226 m2 Maturity lease agreement: 2035

Location: Highway A4, Vilnius, Lithuania

The property was finalised in June 2017 and further expanded in 2020. It is currently leased by UAB Rhenus Logistics, a subsidiary of the Rhenus Group.

The Rhenus Group is one of Europe's biggest transportation groups, and UAB Rhenus Logistics covers the group's operations in the Baltics and part of the East European network.

Vingės Terminalas | Logistics

Company name: BSP Logistic Property 2 Client: Vingės Terminalas GLA: 21 929 m2 Maturity lease agreement: 2038

Plassering: Highway A3, Vilnius, Lithuania

The property is strategically located along the highway between Vilnius og Minsk in Belarus.

Vingės Terminalas is a local logistics company within the the Vingės Logistics Group, operating within export, transit, order processing and goods transport. The company has a wide spectre of clients in Europe and CEE.

Girteka | Logistics

Company name: BSP Logistic Property Client: Girteka Logistics GLA: 17 149 m2 Maturity lease agreement: 2026

Location: Highway A3, Vilnius, Lithuania

The property is leased by Girteka Logistics, one of Europe's leading transportation companies, strategically located by Vilnius International Airport.

The property has a land area of 42 907 m2 with 11 458 m2 storage, 2 014 m2 frozen storage, 3 348 m2 cold storage and 1 134 m2 office.

Delamode | Logistics

Company name: BSP Logistic Property 5 Client: Delamode Baltics GLA: 13 205 m2 Maturity lease agreement: 2035

Location: Highway A1, Vilnius, Lithuania

The property was finalised in August 2020 and is currently leased by Delamode Baltics, a dynamic supplier of freight forwarding-solutions to the global market.

In July 2021, BSP signed an agreement with Delamode to expand the facility. The expansion project (apx. 4 780 m2 ) was completed in September 2022.

Oribalt | Logistics

Company name: BSP Logistic Property 6 Client: Oribalt GLA: 6 825 m2 Maturity lease agreement: 2035

Location: Highway A1, Vilnius, Lithuania

The property was finalised in August 2020 and is currently leased by Oribalt.

The parties have agreed on an expansion project of approximately 2 800 m2 . Upon completion (est. Q3 2023), the terminal will be approx. 9 600 m2 .

Oribalt offers a wide spectre of logistics solutions for pharmaceutical producers, including storage, distribution, transportation and direct delivery.

Small frame: Visualisation of terminal after expansion

Klaipėda Business Park (KVP) | Business park

Company name: Klaipėdos verslo parkas Clients: Multiple (27) Location: Klaipėda, Lithuania GLA: 23 990 m2 Maturity lease agreement: 2022-2035

Klaipėda Business Park (KVP) offers its tenants industrial, commercial and office spaces within the Free Economic Zone of Klaipėda.

The property was acquired by BSP in April 2021.

RP 1/RP 5 | Retail

Main clients: Maxima & Norfa Location: Lithuania GLA: 4 358 m2 Maturity lease agreements: 2022 - 2034

Company name: BSP Retail Properties 1 BSP Retail Properties 5

DPD | Development

Client: DPD Location: Šiauliai & Telšiai, Lithuania GLA: 4 141 m2 Maturity lease agreements: 2042 & 2037 Status: Completed

Company name: BSP Logistic Property 7 BSP Logistic Property 8

In October 2022 we delivered two new terminals to DPD, one of the world's largest distribution operators. An official opening ceremony is scheduled the for 18th of November, and we are excited to wish our new partner the very best of luck with operations in their brand new facilities!

Grandus | Retail

Clients: Multiple Location: Klaipėda, Lithuania GLA: 11 437 m2 Maturity lease agreements: 2022-2032

Company name: UAB Prekybos centras Grandus

Grandus is a neighborhood shopping center located along one of the main access road to the center of Klaipėda. The center is located in the immediate vicinity of a larger residential area that ensures good access to visitors every day.

The asset was acquired by BSP in May 2022.

Land bank | Development

Type: Land plots for development Locations: Vilnius and Klaipėda, Lithuania Areal: 17.9 hectare Zoning: Commercial Project: Design & planning

Strategically located land plots along strategic road networks near Vilnius and Klaipėda.

Liepų Parkas (3.6 hectare) Liepų Street, Klaipėda

By Oribalt terminal (6.9 hectare) Highway A1, Vilnius

By Rhenus terminal reserved for expansion (4.1 hectare) Highway A4, Vilnius

Contact

Lars Christian Berger

CEO

+47 930 94 319 LCB@BalticSea.no

Oslo

Apotekergata 10 0180 Oslo

Norway

James Andrew Clarke

Chairman & CIO

+370 612 37 515 JAC@BalticSea.no

Klaipėda

Pramones str. 8A LT-94102 Klaipėda

Lithuania

Sigitas Jautakis

Director, Vilnius

+370 652 47 287 SJ@BalticSea.no

Vilnius

Didzioiji str. 10A-29 LT-01128 Vilnius

Lithuania

www.balticsea.no

Visit BalticSea.no for our latest news & updates

Europeean RReeal Estatee Brand AAwards 2022

Proudly awarded 1st place in the category

"Strongest Brand

Baltics Developers logistics"

for three consecutive years!

2022 : 1st place 2021 : 1st place 2020 : 1st place

Euronext Growth Oslo

Baltic Sea Properties AS has since 2017 been listed for trading on Merkur Market/Euronext Growth Oslo, a MTF under Oslo Stock Exchange.

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Useful info:

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www.balticsea.no