Swedbank provides €17 million in financing for the expansion of the Liepkalnis logistics park

Swedbank and real estate development company Sirin Development have signed a €17 million financing agreement. The investment will be used for the expansion of the SIRIN Park Liepkalnis logistics park, where two additional modern buildings will be constructed to meet the needs of growing businesses.

In Liepkalnis, at Liepkalnio St. 172, Sirin Development manages one of the largest logistics parks in the Baltic States. Currently, four buildings with a total area of 90,000 sq. m have already been constructed on a 17-hectare site. The two newly financed buildings will increase the space managed by Sirin Development by an additional 41,000 sq. m. Construction is scheduled to be completed in autumn 2026.

“This is a continuation project. We have been financing the park’s development since 2018. Once this expansion phase is completed, Swedbank’s total financing for the Liepkalnis logistics park will reach €43 million, and the financed premises area will grow to -approximately 100,000 sq. m. We are pleased to contribute to sustainable and market-relevant real estate development - a significant share of the newly constructed buildings has already been leased, even though construction is only just beginning,” says Martynas Trimonis, Head of Real Estate, Energy and Infrastructure Clients Division at Swedbank.

All SIRIN Park Liepkalnis buildings are certified with A++ energy efficiency class. Renewable energy sources are used, and smart building management systems are implemented to save water and heat and reduce environmental impact.

“We rely on experience gained across the Baltic region and apply global standards, which allows us to clearly understand what the capital needs - convenient and sustainable business infrastructure. Liepkalnis currently attracts businesses that value speed and efficiency. Our long-term partnership with Swedbank enables us to strengthen these advantages and develop a long-term business ecosystem,” says Laurynas Kuzavas, CEO of Sirin Development.

Swedbank also finances several other Sirin Development projects in Latvia and Estonia. The total amount of loans granted by Swedbank to the company for development in the Baltic States reaches €90 million, and the total area of buildings financed through these investments will amount to 240,000 sq. m.