Sirin Development UAB, a developer and manager of industrial real estate in the Baltic countries, has completed the first stage of construction of the J55 Logistics Centre in Vilnius – a warehouse with 20,400 sqm of space in which a total of €11.3 million was invested.
Sirin Development CEO Laurynas Kuzavas notes that the J55 logistics complex is being developed on 18.5 hectares of land which the company acquired by auction from the State Enterprise Turto Bankas. The site formerly held fuel reservoirs for the Lithuanian Oil Products Agency – after they were dismantled and the territory cleaned, the site was made suitable for building a modern logistics centre.
“As per the master plan of the Vilnius City Municipality, the land plot is in a business, manufacturing and industrial area, which perfectly fits Sirin Development’s strategic goal of developing modern warehousing and logistics facilities beside key transport arteries in Lithuania’s major cities. While brownfield investments are not common in Lithuania, we undertook this conversion project with a clear vision of the site’s potential – it lets us offer clients warehouse and logistics facilities ideally suited to their needs,” Kuzavas says.
Tenants that have already moved into the new J55 logistics park include the Iki retail chain’s management company Palink, professional animal care provider VET1, the furniture e-commerce group Furniture1 operating under the name of Baldai1, and the shipping supply and decorative packaging retail company Supakuota UAB.
The development project, located next to the Gariūnai Business Park, on Jočionių Street, is at the intersection of Lithuania’s main A1 (Vilnius-Kaunas) motorway and the A19 Vilnius Southern Bypass. Investments in the logistics centre are expected to reach €70 million, for the development of a total of 103,500 sqm of leasable warehouse, retail and administrative space in four stages.