„SIRIN Development“ secures nearly €17M loan

Real estate developer Sirin Development has signed an agreement with commercial bank Luminor for a €16.8 million loan.

According to the bank’s announcement on Thursday, the funds will be used to finance the expansion of logistics parks in Kaunas, Vilnius, and Riga.

With this latest loan, Sirin Development’s total obligations to Luminor now amount to €77.1 million. The bank has been financing the company for over a decade.

“The bank offered a favorable loan structure that fully met our needs. Access to additional financing today means greater flexibility for our business and the ability to reinvest into projects that deliver higher returns,” said Sirin Development CEO Laurynas Kuzavas in the statement.

In 2023, business daily Verslo žinios reported that Swedbank, together with the European Bank for Reconstruction and Development (EBRD), provided a syndicated €16 million loan for Sirin Development’s logistics center “J55” near Gariūnai in Vilnius. Swedbank is also expected to finance further stages of the project, with total funding potentially reaching up to €50 million.

In the summer of 2024, Sirin Development agreed with SEB Bank on a €25 million loan to finance the development of three logistics parks in Vilnius and Kaunas. A year earlier, in 2023, SEB had issued a €21.5 million loan for warehouse development in the Kaunas Free Economic Zone.

At the beginning of 2025, Kuzavas told Verslo žinios that the company plans to invest around €100 million into logistics real estate projects across the Baltic states and is confident in leasing out the developed warehouse space.

Although Sirin Development does not file consolidated financial statements with the Lithuanian Center of Registers, Verslo žinios reported that the company’s consolidated revenue reached €23.6 million last year.

The company does not disclose its net profit but confirmed it operated “profitably” in 2024.

According to Sirin Development, the value of the group’s managed investment assets stands at €491 million, though its total liabilities were not specified.

Link to the article: https://www.vz.lt/statyba-ir-nt/2025/09/04/sirin-development-dar-kone-17-mln-eur-paskola-572533