Sirin Development will develop 63 000 sqm of warehouse space in Kaunas FEZ
Industrial real estate developer Sirin Development UAB will build 63 000 square metres of warehouse facilities on 12 hectares in the Kaunas Free Economic Zone. The planned investment in the project is 41 million euros.
The company plans to do the construction work in several phases. In the first phase, it intends to build 20 000 sqm of warehousing on Jėgainės Street by the third quarter of 2023, and in the second, more than 43 000 sqm of warehouse space on Gamybos Street, with completion forecast by the end of 2025.
Sirin Development’s CEO, Laurynas Kuzavas, says the company last year successfully completed the second phase of warehouse construction at the Kaunas Logistics Centre (KLC) and currently operates two 40 000-sqm warehouses in the Kaunas district in which a total of 20 million euros has been invested. “The plan is for our company’s investments in Class A+ warehouses in the district of Kaunas to reach 100 million euros by the end of 2026, with a total of more than 150 000 square metres of warehouse facilities built and in development,” Kuzavas notes.
He says demand on the Lithuanian market for modern and sustainable warehouses is being boosted by businesses with a domestic-market focus that are looking for a flexible supply of space with energy efficiency and a work setting that meets employees’ expectations.
“Within the territory of the Kaunas FEZ, which has a strategically convenient location and very well-developed infrastructure, we will offer modern A+ energy class warehouse and administrative facilities that meet the highest sustainability requirements. Companies based here also benefit from tax and other business incentives. We believe the convenient location and chance to rent modern warehouse units of over 1,000 square metres will be of particular interest to companies that are thinking about expanding in Lithuania and want to optimise logistics costs or ensure faster customer service around the country,” Kuzavas says.
Vytautas Petružis, the Managing Director of the Kaunas Free Economic Zone, also notes the site’s attractiveness: “These new investments in the Kaunas FEZ by a new company are the result of practical and fast infrastructure development. The near future will see completion of the project for Gamybos Street and engineering networks connecting the western part of the Kaunas FEZ territory, where Sirin has chosen to develop its facilities, with the eastern part, where rapid development of infrastructure continues.”