Quarterly Report • Feb 21, 2022
Quarterly Report
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Baltic Sea Properties AS
The company is among the Baltics' leading real estate investors and developers – owning a portfolio of logistics, industrial and retail assets. Per 31.12.2021 the company generated a total rent income of apx. MEUR 6.28.
In addition to refining the current portfolio Baltic Sea Properties has ambitions to strenghten the portfolio with new cash flow and development projects which will increase 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.
Interim report - Q4 2021
Profit from property management increased year-on-year, to a level of MEUR 2.35 in 2021 (MEUR 1.91). It was nevertheless a year of restructuring and preparing the company for the future, in which the resources we now have at our disposal were not yet fully utilised to operate at optimal capacity. Entering the new year, we have high growth ambitions and see significant unrealised potential in increasing our scale to maximise the profitability of our operations.
| March: 5 retail properties | (MEUR 1.3) | |
|---|---|---|
| May: | Shares in EECP | (MEUR 1.1) |
| June: | Industrial property in Panevėžys (MEUR 5.3) | |
| July: | Retail property in Kursenai | (MEUR 1.3) |
| July: | Shopping center in Utena | (MEUR 3.7) |
Expansion project | Rhenus terminal (visualisation)
| Company | 2021 Jan - Dec |
2020 Jan - Dec |
|---|---|---|
| Rental income (mEUR) | 6.28 | 5.77 |
| Income from Property management (IFPM) | 2.53 | 2.43 |
| Return on Equity inc. dividend (NAV) | 21.1% | 15.5% |
| Investment properties value (EUR) | 75.44 | 64.70 |
| Loan to Value investment portfolio (LTV) | 53.9% | 54.7% |
Development land | Visualisation of Oribalt terminal + A1 Industrial Park – Gateway to Vilnius
| About us | 2 | |
|---|---|---|
| Highlights | 3 | |
| CEO's comment | 6 | |
| Key figures | 8 | |
| Quarterly financials | 12 | |
| Profit & loss statement Balance sheet Financing Eearnings & Net Asset Value |
13 14 15 16 |
|
| Property portfolio | 18 | |
| Tenant mix Presentation of our properties Land bank |
20 22 30 |
|
| Euronext Growth Oslo | 33 | |
| Contact | 34 | |
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.
We have increased our total earnings in 2021, with the additional income from our acquisition of Klaipeda Business Park, despite also having made several strategic divestments of non-core assets during the year. We achieved a considerable total return on our investments and increased our Net Asset Value (in EUR approx. 18 % year-on-year, 21 % including dividend), partly driven by higher values for our assets. The world-wide consumer driven demand for logistics and the real estate investor demand for logistics and industrial assets has also created significant yield compression in the Baltics, which is reflected in the current increased value of assets in our portfolio.
The World's eyes have been on Ukraine over the last few weeks as fears of a Russian invasion have increased. Although we don't expect such an event to affect the NATO member countries of the Baltics directly, it has the potential to become a large military conflict with implications to the safety, stability and prosperity of the entire region and beyond.
Also Lithuania specifically, has on-going diplomatic tensions with the governments of Belarus and recently China (related with Taiwan). Although restricted trade with Belarus and China is affecting some parts of the economy, BSP has not received any additional concerns from our clients related to these events.
As part of our risk management strategy, we constantly monitor and assess how circumstances and potential events may affect our client's business and our business, while considering our risk mitigation measures and possibilities.
Rising inflation has been another topic of concern worldwide in the early months of 2022. The annual consumer price index (CPI) in Lithuania for 2021 was 4,7%. The ECB may increase key interest rates to counter the trend, which coupled with increasing interest rates in the US would increase borrowing costs across the global financial market. Increased borrowing cost would impact our bottom line, however this is somewhat mitigated by rent increases from our inflation indexed lease agreements with all clients.
By year-end 2021, we were already well on our way with three development projects; one expansion project for Delamode and two new developments for DPD group. In these early weeks of 2022 we are shifting gears, officially:
On 17 February we had the great pleasure of announcing that we had agreed on the main terms with our largest tenant, Rhenus Logistics, for an expansion project of approx. 16,000 m2 for the terminal by A4 highway at the gateway to Vilnius. Rhenus is one of the absolute heavyweights in global logistics and I see it as a great tribute to the professionalism and quality of our work that such an organisation trusts us with the responsibility to create and deliver the space they need for
their further expansion in the Baltic region.
Another of our valued clients, Oribalt - who carries the responsibility of transporting pharmaceuticals that thousands of people rely on in their daily lives, have also requested an expansion of their existing Vilnius terminal. It is at the core of our business strategy to build long-term relationships with our clients and to grow with them as their space requirements develop.
With Oribalt's request for expansion, 100 % of our recent development project clients have requested expansions and decided to trust us with these projects. This indicates that we have succeeded in establishing Baltic Sea Properties (BSP) as a real estate partner in the Baltic market that is known for reliability, integrity and a progressive approach to business partnership.
With the movement of the EU Commission to align the rules for the energy performance of buildings with the European Green Deal and decarbonise the EU's building stock by 2050, and together with investor and client expectations, increased sustainability has become essential in our industry.
We are happy to report that our environmental & sustainability initiatives are included in our development and expansion projects. The properties will be BREEAM- certified and with roof mounted solar (photovoltaic) panels. Our clients have welcomed these initiatives as an integral part of our value proposition and we feel enthusiastic about further collaboration with our partners. This is just the start.
We worked hard through 2021 to increase our potential project pipeline, some of which has already materialised in the abovementioned committed development projects and with many more quality pipeline projects in negotiations to be delivered in the next years . We have a very capable management team, who are ready and eager to take on the challenge of making 2022 yet another great year to be a shareholder in this company.
We would not have achieved the success of 2021 and the future potential without the excellent people in our team, and I want to thank each and every one of them for the professionalism and dedication they put into their work every single day.
Up, up and away!
Lars Christian Berger CEO, Baltic Sea Properties AS
Delamode terminal | Highway A1, near Vilnius
Rent roll
| Company | Segment | Tenant | Budget rent (EUR) |
Property NOI* |
% income | GLA (sqm) | % GLA | Maturity |
|---|---|---|---|---|---|---|---|---|
| BSP LP | Logistics | Girteka | 964 450 | 878 636 | 16,5% | 17 149 | 16,9% | 2026 |
| BSP LP II | Logistics | Vinge | 1 098 948 | 1 027 187 | 17,9% | 21 929 | 21,6% | 2038 |
| BSP LP IV | Logistics | Rhenus | 1 092 511 | 1 027 234 | 18,5% | 18 226 | 18,0% | 2035 |
| BSP LP V | Logistics | Delamode | 543 807 | 488 967 | 9,2% | 8 329 | 8,2% | 2035 |
| BSP LP VI | Logistics | Oribalt | 441 965 | 403 362 | 7,6% | 6 807 | 6,7% | 2035 |
| KVP | Industrial | Multiple | 1 440 157 | 1 284 442 | 24,3% | 24 500 | 24,2% | 2022-2027 |
| BSP RP I | Retail | Multiple | 76 519 | 58 557 | 1,3% | 1 337 | 1,3% | 2022 |
| BSP RP V | Retail | Maxima | 271 859 | 243 581 | 4,7% | 3 021 | 3,0% | 2034 |
| Total ** | 5 930 215 | 5 411 967 | 100% | 101 298 | 100% |
* Property NOI also includes internal management expenses in addition to other direct property cost.
** Numbers are not final CPI-adjusted.
** Including expansion of Delamode and handover of the two DPD terminals in Q3, budgeted rent for 2022 is total mEUR 6.1
| Company | Segment | Tenant | Contracted rent annulised (EUR) |
Budgeted rent in 2022 |
GLA (sqm) | Handover (est.) |
|---|---|---|---|---|---|---|
| BSP LP V | Logistics | Delamode | 316 550 | 105 985 | 4 780 | Q3 2022 |
| BSP LP VII | Logistics | DPD - Telsiai | 113 724 | 28 412 | 1 458 | Q3 2022 |
| BSP LP VIII | Logistics | DPD - Siauliai | 180 180 | 45 026 | 2 310 | Q3 2022 |
| Total | 610 456 | 8 548 |
rental income
Portfolio based on
| Per share (NOK) | 31/12/2021 | 31/12/2020 | Balance sheet* (MNOK) | 31/12/2021 | 31/12/2020 |
|---|---|---|---|---|---|
| Net Asset Value (NAV)* | 54.10 | 48.12 | Investment Properties | 754 | 677 |
| NAV in EUR | 5.42 | 4.60 | Other assets | 58 | 52 |
| Accumulated pay-outs | 23.50 | 22.00 | - of which cash | 53 | 39 |
| Last transaction price per date | 50.50 | 50.00 | Total Assets | 812 | 730 |
| Number of shares issued | 6 688 232 | 6 688 232 | Debt | 429 | 398 |
| Deferrex tax liability | 21 | 11 |
|---|---|---|
| Net Asset Value (Equity) | 361 | 321 |
| Property portfolio (MNOK) | 31/12/2021 | 31/12/2020 | Profit & loss (MNOK) | 31/12/2021 | 31/12/2020 |
|---|---|---|---|---|---|
| Market value portfolio | 753.6 | 677.4 | Operating income | 68.4 | 63,4 |
| Value of equity based on NAV | 361.0 | 320.9 | Operating expenses excl. depreciations and impairments |
21.7 | 17,2 |
| Gross rent income per date | 63.8 | 61.9 | EBITDA (Operating profit/loss excl. depreciations and impairments) |
46.7 | 46,2 |
| NOI yield (investment projects) | 7.60 % | 8.02% | Income From Property Management (IFPM) |
25.7 | 26.0 |
| IFPM yield | 7.00 % | 8.13 % | EBIT | 35.8 | 43,3 |
| Shortest contract length (years) | 2.6 yrs | 0 yrs | Profit/Loss before tax | 30.2 | 20,4 |
| Longest contract length (years) | 17.0 yrs | 17.8 yrs | |||
| WAULT (years) | 10.1 yrs | 12.1 yrs | |||
| IBD (incl. mezzanine loan) | 406 | 371 | |||
| LTV (incl. mezzanine loan) | 53.90 % | 54.69 % |
| depreciations and impairments | 21.7 | 17,2 |
|---|---|---|
| depreciations and impairments) | 46.7 | 46,2 |
| (IFPM) | 25.7 | 26.0 |
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 established by independent valuers (based principally on the 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.
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 12.2 relative to the booked net deferred tax liability per 31.12.2021.
Q4 report 2021 (unaudited)
Total operating income per 31st of December 2021 was MNOK 68.4 (MNOK 63.4). Of this MNOK 63.8 was rental income from the property portfolio (MNOK 61.9). Measured in EUR the rental income per 31st of December 2021 had increased by EUR 509 329 compared to the same period in the previous year, due to new revenue streams from the properties acquired in Q2 2021.
Direct ownership costs per 31st of December 2021 were MNOK 10.9 (MNOK 8.7). The increase is largely due to an increase in organization size since the acquisition of the management company UAB BNTP in Q2 2021.
Net rental income per 31st of December 2021 was MNOK 52.9 (MNOK 53.1).
Other operating income per 31st of December 2021 was MNOK 4.6 (MNOK 1.5). The increase is mainly profit from the sale of one retail property in the RP5 portfolio, while income from management service deliveries amounted to MNOK 2.0.
Other operating expenses per 31st of December 2021 were MNOK 10.9 (MNOK 8.5). The increase is mainly due to extraordinary expenses during a period of high transaction activity, related to legal expenses, advisory services, and travel, as well as employee incentive expenses in an organization that increased in size within the year.
The profit from operations before financial items, depreciations, and impairments (EBITDA) per 31st of December 2021 was MNOK 46.7 (MNOK 46.2).
Net financial items per 31st of December 2021 were MNOK -5.6 (MNOK -22.8). Net interest of MNOK -15.2 (MNOK -20.1) was largely outweighed by a profit of MNOK 8.2 from realizing the investment in EECP. The Group's interest expenses were significantly reduced compared to the 4th quarter of 2020, but the result also benefitted from gains from currency differences and interest rate hedging agreements. The effects from the latter were however outweighed to a certain extent by bank fees paid to refinance the portfolio.
The Group had per 31st of December 2021 booked MNOK 11.7 (MNOK 23.5) in reversal of previous impairments. MNOK 4.2 of this reversal follows from a net accounting profit of previously impaired properties that were sold during the second quarter of 2021. The remaining amount stems from adjustment of properties' book value according to valuations and booked depreciations. Booked depreciations per 31st of December 2021 were MNOK -22.6 (MNOK -26.4).
Profit before tax per 31st of December 2021 was MNOK 30.2 (MNOK 20.4).
| P&L Group (NOK) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| NOK (YTD) | ||
| Rental income | 63 803 275 | 61 871 388 |
| Real estate tax, land tax, etc. | -1 481 549 | -1 181 456 |
| Maintenance and fit-out | -72 322 | -246 189 |
| Other direct ownership costs* | -9 307 705 | -7 308 090 |
| Sum direct ownership costs | -10 861 576 | -8 735 736 |
| Net rental income | 52 941 699 | 53 135 652 |
| Other operating income | 4 580 233 | 1 523 050 |
| Other operating expenses* | -10 852 237 | -8 507 854 |
| EBITDA | 46 669 694 | 46 150 848 |
| Depreciations | -22 551 238 | -26 374 178 |
| Impairments (-)/ Reversal of | 11 677 098 | 23 476 554 |
| previous impairments (+) ** | ||
| EBIT | 35 795 555 | 43 253 224 |
| Net interest | -15 182 614 | -20 077 504 |
| Other finance | 9 554 955 | -2 745 234 |
| Profit/loss before tax | 30 167 896 | 20 430 486 |
* Employee bonuses have been reclassified from "Other direct ownership costs" to "Other operating expenses" compared to the presentation in previous quarters' reports in 2021. This is done to give a more accurate presentation of annualised net rental income which in our calculations include ordinary salary expenses.
** Accounting profits from property sales less than accumulated impairments from previous periods are here presented as reversal of previous impairments.
Q4 report 2021 (unaudited)
Valuations of the properties have been conducted by two independent valuators, based on discounted cash flow (DCF) analyses, which is standard method and our normal practice. The portfolio was valued at a total of MEUR 75.4 in the NAV calculation per 31st of December 2021, based on valuations from Newsec and Oberhaus, adjusted for additional investments not included in the valuations.
Per the 31st of December 2021 the Group had a total cash balance of MNOK 53 (31.12.2020: MNOK 39). The increase in 2021 is mainly due to the refinancing process and divestments which made significant funds available.
During the 2nd quarter of 2021, NOK 1.50 per share was distributed as dividend to the shareholders.
In accordance with the agreed terms for the assets in Klaipėda, acquired in April, the final instalment of MEUR 2.3 + accumulated interest (MEUR 0.07) was settled in December 2021.
The book value of equity per the 31st of December 2021 was MNOK 213 (31.12.2020: MNOK 207). The equity (NAV) return per share measured in EUR during 2021 was +17.8 % and 21,1% including this years dividend.
Total amount of shares issued per 31.12.2021 was 6 688 232, of which the company itself held 15 000.
| Net Asset Value (NAV) per share |
31/12/2021 | 31/12/2020 |
|---|---|---|
| NOK | 54.10 | 48.12 |
| EUR | 5.42 | 4.60 |
| Applied EURNOK conversion rate |
9.99 | 10.47 |
| Value movements (MEUR) | 31.12.2021 |
|---|---|
| Investment property valuation year start | 64.70 |
| Acquistions & developments | 17.81 |
| Divestments | 10.61 |
| Unrealised value movements | 3.54 |
| Investment property valuation year end | 75.44 |
| Property portfolio (MNOK) |
31/12/2021 | 31/12/2020 |
|---|---|---|
| Market value portfolio | 753.6 | 677.4 |
| Value of equity based on NAV |
361.0 | 320.9 |
| Gross rent income per date |
63.8 | 61.9 |
| NOI yield (investment projects) |
7.60 % | 8.02 % |
| IFPM yield | 7.00 % | 7.94 % |
| Shortest contract length (years) |
0.6 yrs | 0 yrs |
| Longest contract length (years) |
16.8 yrs | 17.8 yrs |
| WAULT (years) | 10.1 yrs | 12.1 yrs |
| IBD (incl. mezzanine loan) | 406 | 371 |
| LTV (incl. mezzanine loan) | 53.9 % | 54.7 % |
| IBD (excl. mezzanine loan) | 391 | 318 |
| LTV (excl. mezzanine loan) | 51.9 % | 47.0 % |
| Balance sheet* (MNOK) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Fixed assets | 595 | 571 |
| Current assets | 57 | 41 |
| - of which is cash | 53 | 39 |
| Assets | 652 | 611 |
| Equity | 213 | 207 |
| Debt | 438 | 405 |
* Booked values according to Norwegian accounting standards (NGAAP).
Q4 report 2021 (unaudited)
| Debt maturity | Interest Swap maturity | |||||
|---|---|---|---|---|---|---|
| Year | EUR | Share % | Interest including margin |
EUR | Share % | Interest including margin |
| 0-1 year | - | 0.00 % | 2.20 % | 0.00 % | 0.00 % | |
| 1-3 years | - | - | - | 21 440 943 | 100.00 % | 0.58 % |
| 4-5 years | 39 168 263 | 96.32 % | 2.05 % | |||
| Total funding real estate portfolio | 39 168 263 | 96.32 % | 2.05 % | 21 440 943 | 100.00 % | 0.58 % |
| Mezzanine - maturing 14.5.2022* | 1 494 944 | 3.68 % | 10.70 % | |||
| Sum loan | 40 663 207 | 100 % | 2.20 % | 21 440 943 | 100.00 % | 0.58 % |
* Loan terms overview of 12-month rolling from 31.12.21 figures
* All-in weighted interest including IRS is 2.57%
* Weighted interest margin ex. IRS & Mezzanine is 2,05%
During the 2nd quarter of 2021 Baltic Sea Properties completed its refinancing for the total portfolio with Luminor.
In April and May, the company repaid a total of MNOK 38 (MEUR 3.7) of the mezzanine loan. The maturity for the remainder of the loan's principal amount (MNOK 14.2) was extended for one year, until May 2022.
| Loan financing | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Interest-bearing debt incl. mezzanine loan (MEUR) |
40.7 | 35,39 |
| LTV incl. mezzanine loan | 53.90 % | 54.69 % |
| Interest-bearing debt excl. mezzanine loan (MEUR) |
39.2 | 30.4 |
| LTV excl. mezzanine loan | 51.92 % | 47.0 % |
| Average interest rate (incl. margin and IRS*) excl. mezzanine loan |
2.65% | 3.30 % |
| Interest rate hedging ratio | 52 % | 100.0 % |
| Time until maturity interest-bearing debt (weighted) |
4.1 yrs | 2.2 yrs |
| Time until maturity interest hedging contracts (weighted) |
2.7 yrs | 3.5 yrs |
*Interest Rate Swaps
Rhenus Logistics terminal | Highway A4, Vilnius
Q4 report 2021 (unaudited)
| EURNOK rate — Balance date 9,9888 10,4703 EURNOK rate — YTD average 10,1633 10,7258 NOK EUR NOK EUR P&L Rental income 63 803 275 6 277 811 61 871 388 5 768 464 Property expenses ex. mng. -2 164 003 -212 923 -2 599 674 -242 376 NOI 61 639 272 6 064 888 59 271 714 5 526 088 Surplus ratio 97 % 96% Other operating income 2 026 958 199 439 1 523 050 141 999 Administration cost -11 069 543 -1 089 168 -8 171 975 -761 899 Other operating cost -8 480 267 -834 401 -6 471 941 -603 399 Net realised interest cost & finance expenses -18 413 022 -1 811 717 -20 080 624 -1 872 180 Income from property management (IFPM) 25 703 397 2 529 040 26 070 225 2 430 609 Tax for the period -1 806 329 -177 731 -5 630 431 -524 943 Profit from property managemenet (PFPM) 23 897 068 2 351 310 20 439 794 1 905 666 Realised changes in value of investment properties 6 743 675 663 532 13 477 377 1 256 538 Unrealised changes in value of investment properties 7 486 698 736 640 9 999 178 932 255 Realised changes in value of investments (JV, equity investm., etc.) 8 182 408 805 094 0 0 Changes in values of derivatives 3 778 935 371 822 -2 325 828 -216 844 Other financial income 293 29 842 041 78 506 Currency 823 726 81 049 -1 258 328 -117 318 Depreciation -22 551 238 -2 218 889 -26 374 178 -2 458 947 Profit before tax 30 167 895 2 968 317 20 430 486 1 904 798 Tax for the period -1 806 329 -177 731 -5 630 431 -524 943 Profit 28 361 566 2 790 586 14 800 055 1 379 856 BALANCE Assets Investment properties (market value) 753 561 528 75 440 646 677 428 410 Other financial assets (market value) - - 8 182 403 Other fixed assets 1 098 006 109 924 3 407 580 325 452 Total fixed assets 754 659 535 75 550 570 689 018 393 65 806 939 Current receiveable & assets 3 821 853 382 614 1 877 028 179 272 Bank deposits 52 790 600 5 284 979 38 887 807 Total current assets 56 612 453 5 667 593 40 764 835 Total assets 811 271 988 81 218 163 729 783 228 Liabilities Deferred tax liabilites* 21 450 911 2 147 496 10 808 910 1 032 340 Long-term liabilities 374 308 247 37 472 794 151 346 621 Short-term liabilities 54 489 177 5 455 027 247 053 111 Total liabilites 450 248 335 45 075 318 409 208 642 Net Asset Value (NAV) 361 023 652 36 142 845 320 574 586 |
Jan - Dec 2021 | Jan - Dec 2020 | |||
|---|---|---|---|---|---|
| 64 700 000 | |||||
| 781 487 | |||||
| 3 714 106 | |||||
| 3 893 378 | |||||
| 69 700 317 | |||||
| 14 454 851 | |||||
| 23 595 610 | |||||
| 39 082 800 | |||||
| 30 617 517 |
* Net Asset Value calculation
Rhenus Logistics terminal | Illustration of expansion project (approx.16,000 sqm)
Oribalt terminal | Highway A1, near Vilnius
Delamode terminal | Highway A1, near Vilnius
Distribution of budgeted rent income in 2022
Oribalt terminal | Highway A1, near Vilnius
Company name: BSP Logistic Property 4 Tenant: Rhenus Logistics GLA: 18 226 m2 Maturity lease contract: 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 parties have reached a MOU concerning an additional approx. 16 000 m2 expansion with estimated handover Q3 2023.
The Rhenus Group is one of Europe's biggest transportation groups, and UAB Rhenus Logistics covers the group's operations in the Baltics and Belarus.
Company name: BSP Logistic Property 2 Tenant: Vingės Terminalas GLA: 21 929 m2 Maturity lease contract: 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 Russia.
Company name: BSP Logistic Property Tenant: Girteka Logistics GLA: 17 149 m2 Maturity lease contract: 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.
Company name: BSP Logistic Property 5 Tenant: Delamode Baltics GLA: 8 329 m2 Maturity lease contract: 2033
Location: Highway A1, Vilnius, Lithuania
The property was finalized 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 with approximately 4 780 m2 (expected handover during the summer of 2022).
Company name: BSP Logistic Property 6 Tenant: Oribalt GLA: 6 807 m2 Maturity lease contract: 2035
Location: Highway A1, Vilnius, Lithuania
The property was finalized in August 2020 and is currently leased by Oribalt.
The parties have agreed on an expansion project of approximately 2 800 sqm. Upon completion (est. Q3 2023), the terminal will be approx. 9 600 sqm.
Oribalt offers a wide spectre of logistics solutions for pharmaceutical producers , including storage, distribution, transportation and direct delivery.
Company name: Klaipėdos verslo parkas Tenants: Multiple (27) Location: Klaipeda, Lithuania GLA: 24 500 m2 Maturity lease contracts: 2022-2035
Klaipeda Business Park (KVP) offers its tenants industrial, commercial and office spaces within the Free Economic Zone of Klaipeda.
The property was acquired by BSP in April 2021.
Location: Lithuania GLA: 4 358 m2 Maturity lease contract: 2022 - 2034
Company name: BSP Retail Properties 1 BSP Retail Properties 5
Tenant: DPD GLA: Apx. 4 000 m2 Maturity lease contract: 2037 Handover: Q3 2022 Status: Under construction
Company name: BSP Logistic Property 7 BSP Logistic Property 8 Location: Šiauliai & Telšiai, Lithuania
Type: Land plots for development Locations: Vilnius and Klaipėda, Lithuania Areal: 17.9 hectare Zoning: Commercial Project: Technical project
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
Old Town | Vilnius
Rhenus Logistics terminal | Highway A4, Vilnius
Baltic Sea Properties AS has since 2017 been listed for trading on Merkur Market/Euronext Growth Oslo, a MTF under Oslo Stock Exchange.
Since Euronext's acquisition of Oslo Stock Exchange in June 2019, trading at Euronext Growth Oslo has been migrated to Euronext's trading system Optiq. The trading system gives all trading on
Euronext marketplaces in Europe access to trading on the marketplaces under Oslo Stock Exchange. Pricing data is available on live.euronext.com were trades are updateed in real-time.
Euronext Growth Oslo is subject to Euronext's rulebook regime.
On Monday the 30th of November 2020 most pages on oslobors.no were moved to Euronext's website.
For more information, please refer to the following links:
English: https://www.oslobors.no/ob_eng/Oslo-Boers/ About-Oslo-Boers/Web-pages-has-been-moved-to-Euronext
Norwegian: https://www.oslobors.no/Oslo-Boers/Om-Oslo-Boers/Nettsider-flyttes-til-Euronext
As Baltic Sea Properties (ticker: BALT) is listed for trading on Euronext Growth Oslo, the share may be traded through different channels. You may for instance place purchase or sales orders on different online trading platforms.
Contact your custodian, stock broker or bank for more information.
+47 930 94 319
CIO & Chairman [email protected]
+370 612 37 515
Oslo
Apotekergata 10 0180 Oslo
Norway
Pramones str. 8A LT-94102 Klaipėda
Lithuania
Vilnius Director [email protected]
+370 652 47 287
Didzioiji str. 10A-29 LT-01128 Vilnius
Lithuania
www.balticsea.no
"Strongest Brand Baltics Developers logistics"
1st place 2020 1st place 2021
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