The first, an 6.8 thousand square metre logistics centre, is being built next to Grigiškės. When constructions are completed, it will house the pharmacy and health products logistics company Oribalt Vilnius. Several kilometres from the first, a second 8.6 thousand square metre logistics centre is due to emerge. It will be leased to the transport and logistics company Delamode Baltics. The construction works of both buildings are to be concluded by July this year.
“We are excited with our long term cooperation and the opportunity to contribute to the development of Baltic Sea Properties in Lithuania. Despite the uncertain times due to COVID-19 and the quarantine, we continue the financing of real estate projects and believe that the transport and logistics sector will remain one of the key economic drivers of the country’s economy,” Gediminas Kesminas, Luminor real estate financing expert, says.
“Entering into long-term cooperation with two international players in the development of these logistics buildings is an important part of our long-term strategy. Thus, we are very pleased with securing financing through Luminor. We really appreciate our long-term collaboration and are happy to see that Luminor is playing one of the leading roles in sustainable financing of real estate projects in the Baltics,” Baltic Sea Properties CEO Lars Christian Berger says.
Last April, Luminor refinanced 24 real estate projects belonging to Baltic Sea Properties. These are home to 23 Norfa stores and a Rhenus Svoris logistics centre. The contract was valued at 23.4 million euro at the time.
Baltic Sea Properties is a Norwegian real estate company, which manages and administrates commercial real estate in the Baltic States. The company manages retail sales, logistics and industrial real estate. The company’s shares are traded on the Merkur Markets stock exchange in Oslo. The company’s code on the exchange is BALT-ME. The company’s portfolio is comprised of 107 thousand square metres of commercial premises.
Luminor is the third-largest supplier of financial services in the Baltic States’ banking market, holding 16.6% of the deposit and 18.7% of the loan markets in late 2019. 2,500 Luminor staff serve 940 thousand clients. The Common Equity Tier 1 (CET1) coefficient is 19.7% and the shareholders’ capital is comprised of 1.6 billion euro.
