SIRIN Development is one of the largest logistics developers in Europe! – PropertyEU Magazine

SIRIN Development, one of the leading logistics and industrial real estate developers in the Baltics, last year introduced 4 new logistics centers to Lithuanian, Latvian and Russian markets and was included in the Top Logistics Developers ranking by PropertyEU Magazine.

Every year, this pan-European source of information for commercial real estate professionals publishes a list of top property developers. It is based on the quantity of industrial space delivered to the market, and this year’s list covered the years 2017-2019.

SIRIN Development was ranked as a number 13th in the list, making it the first company from the Baltics to be included in the ranking.  In 2017-2019, the company delivered 6 projects totaling 138,8 thousand sq. m of warehouse spaces in Lithuania, Latvia and Russia, of which 106,5 thousand sq. m was built during 2019 delivering 4 new A-class logistics centers: Liepkalnis Industrial Park in Vilnius, Kaunas Logistics Center, Rumbula Logistics Park in Riga and Logopark M10 in Saint Petersburg.
Commenting on the phenomenal performance by SIRIN Development, Laurynas Kuzavas, Chief Executive Officer, marked that 2019 was remarkably successful and inclusion in the Top European real estate developers ranking is the result of long-term work.
“We have achieved all this in line with our development strategy. This is a significant and binding assessment that shows that our team can achieve the set goals and further growth. Sincere thanks to the professional and ambitious team, because this achievement is her merit”, – states the head of the company.The current situation due to the COVID-19 pandemic has forced all developers to reassess future development plans. Like most companies, SIRIN Development has suspended all speculative projects in order to focus on fulfilling its obligations to existing and future customers and partners.

“We understand that the current circumstances pose challenges for all participants in the real estate market. Together with all team, we monitor, evaluate the situation and do our best to make measured changes and to become more efficient. Currently, the focus is on increasing operational efficiency, cost management and process improvement. We are preparing to return to the normal growth rate by developing the business through acquisitions, and as the market recovers rapidly, to carry out the planned expansion, ” – comments L. Kuzavas.

About the company

Sirin Development has developed more than 400,000 m2 of industrial and commercial real estate in Lithuania, Latvia and Russia. The company started operations in 2005 and has become a leader in industrial real estate development and management in the Baltics. Company has professional experience in developing storage complexes, shopping centers and office buildings.