Baltic Sea Properties

Regulatory Filings • Mar 19, 2019

Development contract signed for international company - Baltic Sea Properties AS

Development contract signed for international company - Baltic Sea Properties AS

Baltic Sea Properties AS (Merkur Markets BALT-ME) have today signed a 12-years lease contract with the Finnish/Baltic-owned group Oribalt for the development of a 6,500 sqm logistics terminal tailored for distribution and logistics of pharmaceuticals, with scheduled delivery by the end of second quarter 2020. The company will under the lease agreement also have the option for an expansion project of additional 5,000 sqm, totaling up till 11.500 sqm.

"Oribalt (former part of Oriola) is experiencing solid growth in the region, and we are very pleased to enter into a long-term cooperation in the development of a logistic-distribution center for the future.

Development of logistics buildings for international players is part of the company's long-term strategy and after the successful development of the logistics center for the German Rhenus Group, it is very encouraging for us to gain the confidence of another solid international group and especially that its location is of strategic importance to us on the axis between Vilnius and Kaunas, on a site we recently acquired to develop into a cluster of international industrial and logistics players", says CEO of Baltic Sea Properties AS, Lars Christian Berger.

The lease with Oribalt is an unbreakable 12-year agreement. The building is expected to be handed over to the tenant towards the end of the second quarter of 2020.

Read more about the project at www.balticsea.no

For more information contact:

CEO Lars Christian Berger, tel. 930 94 319, Lcb@Balticsea.no

Baltic Sea Properties AS is a Norwegian real estate company focusing on developing and managing real estate in the Baltics. The company is one of Lithuania's leading real estate developers which owns, develop and manages real estate within retail, logistics and industrial sectors. The portfolio currently consists of approx. 107,000 square meters of commercial property.