Luminor grants EUR 10.4 million to Rumbula Industrial Park

  • 2023-11-28

 Continuing its ongoing cooperation, Luminor Bank has issued a long-term loan of EUR 10.4 million to Sirin Development, a real estate developer, of Class A Rumbula Industrial Park in Riga. The project was implemented in several stages, and the fourth warehouse complex with an area of 28,000 m2 has now been commissioned and fully leased.

Sirin Development is one of the largest real estate developers in the Baltics, having developed more than 600 thousand square metres of real estate over 15 years and currently managing 324 thousand square metres of real estate in Latvia and Lithuania.  

The company recently completed the fourth Class A warehouse in Rumbula’s Logistic Park All warehouses were built using energy-efficient materials and methods, as well as innovative engineering solutions to create good working conditions and reduce utility bills. The logistics park is located close to the main Latvian motorways A4, A5, A6, and A7 and is ideally suited for companies operating throughout the Baltic area.  

Ilze Zoltnere, Head of Corporate Banking at Luminor Bank in Latvia, says: “Modern warehouses that meet high energy efficiency standards help tenants to save resources and optimise costs, which is one of the most important criteria nowadays. Luminor also provided funding for the first phase of the project, and this loan is the next step in expanding our long-term cooperation, so we are delighted to be able to support the client in the successful implementation of the next phase of the project.”

“The fourth stage of the Rumbula Logistics Park has been successfully completed, expanding the total area of the park to 90,000 square metres. We see that more and more companies prefer logistics parks to individual warehouse buildings. Larger parks have the possibility to customise the space and have their own ecosystem, which facilitates cooperation between tenants, thus helping to save costs. Modern, sustainable warehouses not only guarantee operational efficiency, but also prioritise the well-being of employees. The strategic location, accessibility, and competitive prices of the Rumbula Logistics Park have made it an attractive choice for a wide range of companies. Our future plans are also ambitious, we started to develop 120,000 sq. m. in Vilnius, Kaunas, Riga and Talin and will submit it to the market by 2024.  26 000 sq. m. is planned near Riga airport Grencu street” says Laurynas Kuzavas, CEO of Sirin Development.

About Sirin Development

Sirin Development is one of the largest logistics real estate developers in the Baltics. According to Property EU, the company is one of the top 20 logistics real estate developers in Europe. The company has developed more than 600,000 square metres of property in 15 years of operation and currently manages 324,000 square metres of logistics real estate in Lithuania and Latvia. 

About Luminor

Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.