Sirin Development launches the construction of one of the largest industrial parks in Latvia with an investment of EUR 45 million

Sirin Development, a leading industrial and commercial real estate company in the Baltics, has launched the first stage of construction of the Sirin Industrial Park located on Maskavas street. The first stage of construction will be completed at the end of the year and will offer warehouses with a total area of 22,360 m 2 . By developing the industrial park, the company plans to invest more than EUR 45 million. Once completed, the facility will be one of the largest industrial parks in the area.

The class A and A+ Energy Efficiency industrial park with a total area of 16 hectares will be located on Maskavas street, next to the main A6 motorway. The planned area of the buildings will be approx. 80,000 m 2 . Previous developments by the company include logistics parks in Olaine (2008) and Ventspils (2011).

Laurynas Kuzavas, CEO of Sirin Development: “We are excited to expand our operations in Latvia by starting the construction of our new object in Stopini. With an investment of EUR 45 million, the new industrial park will become one of the largest logistics centres near Riga. Although the completion of the park will take up to 2 years, the company wants to expand its development product portfolio and is actively scouting for new opportunities in and near Riga.”

Andris Ozols, Director of the Investment and Development Agency of Latvia: “Logistics is akin to a city’s circulation. Without it, it is hard to imagine a complete and urban environment. Such large, modern logistics hubs are very valuable because they not only bring millions in investment and new jobs, but also fulfil functions that aren't always highlighted but are vital for the city.”

Vita Paulāne, Head of Stopiņi municipality: “The goal of life is to grow. The essence of life is to change. The challenge of life is to overcome,” said William Arthur Ward. Stopinu district is growing and changing rapidly. Today, the construction of the first stage of the industrial park in Rumbula village has begun. We are pleased that investors have chosen and purchased an industrial building area in Stopiņi district. New jobs will be created and the company will provide sustainable development and growth for the county and Latvia as a whole. The municipality is a cooperation partner for business and, thanks to joint effort, we will achieve the goals and objectives that have been set, and overcome any challenges. I wish the company good luck and rapid growth and development.”

Sandris Apsīts, Aimasa CEO: “Aimasa, as a general contractor, is honoured to work with an international developer who sets uncompromisingly high standards for construction quality, optimal technical solutions and attention to the needs of future tenants, as well as their employees’ well-being. At the end of 2019, after completion of the first stage, Latvia will have a new, high-class industrial park that will set a new standard not only for industrial real estate but with respect to business and employee working conditions as well.”

About Sirin Development

Sirin Development has a real estate portfolio of more than 270,000 m 2 in Lithuania, Latvia and Russia. The company started operations in 2005 and has become a leader in industrial real estate development and management. It has professional experience in developing storage complexes, shopping centres and office buildings.