Having invested EUR 20 million, SIRIN opens new logistics park near Riga

At the start of the year, SIRIN Development, the largest logistic real estate developer in the Baltics, opened a new logistics park near Riga International Airport – SIRIN Park Mārupe. The company has invested EUR 20 million in the first phase of the project which consisted of the construction of state-of-the-art warehouses with a total area of 27,000 square metres. The company plans to continue development by investing another EUR 10 million in the expansion of the park adding on 16,000 square metres of warehousing space.

SIRIN is planning to develop three logistics parks in every major city in the Baltics featuring innovative solutions and high-quality infrastructure. “Riga is one of our priority locations where we are planning to invest over EUR 100 million in the next couple of years,” Laurynas Kuzavas, CEO of SIRIN Development, explains.

The new logistics park will offer its tenants “heavy-duty” warehouses, and infrastructure for logistics companies that is easily customisable for cargo vehicle access. Sustainable solutions have been given special attention in the construction of the new premises; the energy efficiency of SIRIN Park Mārupe is rated Class A++. The sustainable warehouses feature various environmentally friendly solutions, such as renewable energy sources, water saving solutions, energy efficient heating, LED lighting and CO2 monitoring. Electric vehicles have also been catered to.

Increasing demand for energy efficient premises

The opening of the new logistics park coincides with the company’s development vision and emerging market trends: demand for state-of-the-art and energy efficient premises is consistently growing. The interest shown by tenants is proof: according to the company, 12,000 square meters of warehousing space was already rented out in the first week after opening, with active negotiations on-going about the remaining available area.

“Potential tenants appreciate the strategic location of the park, as well as the opportunities provided by a sustainable logistics ecosystem. We are offering companies working in older warehouses to move to a modern logistics park allowing them to cut their costs by about 30%, take advantage of eco-friendly solutions and better working conditions for their employees,” Mr. Kuzavas explains.

Continued investments in logistics parks

In addition to developing SIRIN Park Mārupe, the company is also expanding SIRIN Park Rumbula where the total warehousing area has already reached 80,000 square metres. Furthermore, the company plans to invest EUR 16 million in the construction of the first phase of SIRIN Park Dreiliņi where a modern business park spanning 27,000 square metres will be created.

SIRIN Development is one of the leading logistics real estate developers in the Baltics. The company is currently managing 470,000 square metres of logistics space in Vilnius, Kaunas, Riga and Tallinn; over the past 15 years the company has developed more than 600,000 square metres of logistics space. SIRIN Development is currently the only Baltic company on the TOP 20 list of the largest logistics real estate developers in Europe compiled by PropertyEU Magazine.