The largest industrial lease transaction in the Baltics – at Rumbula Logistics Park in Latvia

  • 2023-11-07

RIGA – Colliers Industrial&Logistics Agency team has successfully mediated the lease transaction between Sirin Development and VIA 3L - a group of third-party logistics companies in the Baltics providing a full range of international freight forwarding and warehouse logistics services - for 24 000 m2 of warehouse and office space rent at Rumbula Logistics Park in Latvia. This is the largest lease transaction this year so far in the Baltic region.

“Strategic investment in technology, equipment, and development of our employees have laid a solid foundation for growth. Consequently, together with our employees and long-term clients, we have taken the leading position among competitors, continuously improving our processes to meet the needs of a demanding business environment. VIA 3L Latvia will continue to provide some of the most modern warehouse services in Latvia, and with the new warehouse, the company can become the central Baltic warehouse rendering a full range of logistics services, including customs status warehouse procedures and international freight forwarding. Our aim is to be the central warehouse in the Baltics with the main office in Riga, and now we have the capacity to fulfilling this goal” says Raimonds Krampāns, CEO of VIA 3L Latvia.

“The 4th stage of Rumbula Logistics Park has been successfully completed, expanding the park's total area to 90 000 square meters. We are glad that one of the leading 3PL logistic service providers in the Baltic region has chosen our logistics park as their operational location. The increasing preference for larger park facilities, as opposed to individual buildings, reflects the flexibility they offer, accommodating expansion and contraction needs. In larger parks, an ecosystem develops, facilitating cooperation among tenants, which contributes to cost savings. Modern, sustainable warehouses not only guarantee operational efficiency but also prioritize employee well-being.  Rumbula Logistics Park's strategic location, accessibility and competitive pricing have made it an attractive choice for various businesses,” adds Laurynas Kuzavas, CEO of SIRIN Development. 

“Following the trend where speculative projects are being leased during the development stage, with this deal SIRIN Development has now fully leased Rumbula Logistics Park. Limited speculative development will continue throughout 2024 thus continuing the prelease trend,” comments Kaspars Gražulis, Colliers Partner and Head of I&L Agency. 

Sirin Development is one of the largest logistics real estate developers in the Baltics. The company is among Top20 logistics real estate developers in Europe according PropertyEU. During 15 years of operations, the company has developed more than 600,000 sq. m. of property and currently manages 324,000 sq. m. of logistics real estate in Lithuania and Latvia. Sirin Development has started to develop 120,000 sq. m. in Vilnius, Kaunas, Riga and Tallinn and will submit it to the market by 2024.  26 000 sq. m. is planned near Riga airport Grencu street. This year the company is planning to submit to the market 105 000 sq. m. of warehousing facilities.

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