Baltic Sea Properties

Related Party Transaction • Mar 29, 2019

Another development contract signed for international company - Baltic Sea Properties AS

Another development contract signed for international company - Baltic Sea Properties AS

Baltic Sea Properties AS (Merkur Markets; BALT-ME) has aquired a 7,4 hectar land plot and signed a contract with Delamode Baltics, a subsidiary of the with the British listed company Xpediator PLC, for the construction of a new warehouse and logistics space of 5,000 sqm right outside Vilnius. The company has an option for additional 7,000 sqm, making the potential total 12,000 sqm.

"Delamode Baltics is experiencing solid growth in line with online commerce, and we are very pleased to enter into a long-term cooperation in the development of a logistics building for the future. This building will be our fifth logistics center and an important addition to our long-term strategy. The location is very good on the Vilnius-Kaunas axis and right next to the logistics center we will develop for Oribalt, and part of the development of a cluster for industrial and logistics players", says CEO of Baltic Sea Properties AS, Lars Christian Berger.

The lease agreement with Delamode is an unbreakable bare-house agreement for 12,5 years. The building has an expected handover to the tenant by the end of 3rd quarter 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.