Baltic industrial real estate developer Sirin Development has begun construction of the on the first phase of warehouse facilities at the Kaunas Free Economic Zone (FEZ).
The company will begin construction on a 16,000 m2 warehouse at Jegaines Street 1 in the village of Biruliškes in 2023.
This will be followed by the construction of more than 47,000 m2 of warehouse space on Gamybos Street.
The total investment for 63,000 m2 of warehouse facilities on 12 hectares of land will amount to €44 mln.
Sirin Development CEO, Laurynas Kuzavas, said: ‘The convenient location and ability to lease warehouse spaces of more than 1,000 m2 without having to wait several years is especially relevant for companies considering possible expansion or seeking to optimize logistics costs and ensure faster customer service in the country. We will offer tenants modern A++ energy class warehouse and administrative facilities meeting the highest sustainability requirements, and in the near future – the possibility of expanding within the Kaunas FEZ territory.’
Sirin Development currently operates two 40,000 m2 warehouses in the Kaunas district in which it invested €20 mln.
By the end of 2026, the company anticipates investing €100 mln in Class A++ warehouses in the Kaunas district, resulting in over 150,000 m2 of built-and-under-construction warehouse facilities.