{"id":5009,"date":"2026-06-04T10:05:03","date_gmt":"2026-06-04T07:05:03","guid":{"rendered":"https:\/\/www.sirin.eu\/?p=5009"},"modified":"2026-06-04T10:10:17","modified_gmt":"2026-06-04T07:10:17","slug":"sirin-development-sells-warehouse-owning-company-to-operator-for-e16-million-plans-to-expand-this-model","status":"publish","type":"post","link":"https:\/\/www.sirin.eu\/en\/sirin-development-sells-warehouse-owning-company-to-operator-for-e16-million-plans-to-expand-this-model\/","title":{"rendered":"SIRIN Development sells warehouse-owning company to operator for \u20ac16 million, plans to expand this model"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Furniture retailer <em>Araneta<\/em>, operating under the \u201cBald\u0173 turgus\u201d brand, has acquired a 16,000 sq. m property in the Kaunas Free Economic Zone (FEZ), developed by <em>Sirin Development<\/em> in 2024 and previously leased by the company. The asset includes warehouse, office, and showroom space.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aurimas Andriekus, CEO of <em>Araneta<\/em>, told <em>Verslo \u017einios<\/em> (V\u017d) that he is satisfied with the acquisition and considers it a strong long-term investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe previously had a lease agreement, but <em>Sirin Development<\/em> decided to sell the building. After reviewing our capabilities, we chose to acquire it. Until now, we had no significant financial liabilities, but we utilized financing for this purchase,\u201d he explains, commenting on the move from leasing to ownership. He believes the asset will retain its value over the long term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to <em>rekvizitai.lt<\/em>, the company\u2014owned by three private individuals\u2014increased its revenues by 28% in 2025, while net profit grew by 57% to \u20ac3.6 million. <em>Artea Bank<\/em> provided \u20ac11 million in financing for the acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe world is always unpredictable, with constant developments everywhere. But we assessed both our financial results and this investment optimistically. We had available capital and an opportunity arose,\u201d says Andriekus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He notes that the decision was driven by a successful year at the new location and the strong growth of retail operations there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThat\u2019s why we decided to retain the building. It was not a leap into the unknown\u2014the location is already known to customers, we have established operations, and we see clear potential,\u201d he adds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of the deal, <em>Sirin Development<\/em> sold 100% of the shares in the company owning the project, ensuring that the acquired asset remains legally separate from <em>Araneta\u2019s<\/em> core operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Recognising an opportunity<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Laurynas Kuzavas, CEO of <em>Sirin Development<\/em>, told V\u017d that the company identified a window of opportunity driven by growing investor interest in logistics real estate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe started considering the sale of our assets last year and have now taken a strategic step,\u201d Kuzavas explains. \u201cIn conversations with investors, we hear a clear demand for assets with long-term value. We saw that such opportunities were limited in the market and decided to act.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Initial discussions were held with investment funds, but the asset was later offered to the end user, who ultimately presented the most attractive terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe buyer had previously considered developing its own warehouse but instead opted for a built-to-suit lease. This allowed them to fully evaluate both the facility and its location. They now understand their cash flows and know exactly what they are buying. When developing from scratch, that level of certainty is harder to achieve,\u201d Kuzavas says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He adds that the operator would not have experienced major changes even if the building had been acquired by an investment fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn that case, they would likely have continued leasing the facility. However, ownership could change over time, which introduces uncertainty,\u201d he notes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Asked whether competing buyers influenced the negotiations, Andriekus described it as only \u201ca slight push.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have an excellent relationship with <em>Sirin<\/em> and remain their clients going forward,\u201d he says. <em>Araneta<\/em> also leases another 12,000 sq. m warehouse with a store in Vilnius from <em>Sirin Development<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>More opportunities ahead<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kuzavas emphasizes that the transaction was not driven by a need to raise funds or improve liquidity but ultimately contributed to portfolio optimization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He confirms plans to offer similar logistics real estate assets to investors across the Baltic states.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe can reinvest the proceeds into new developments. Our next project will be in Estonia, and we will continue to assess opportunities in each country based on demand,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At present, the company does not plan to sell additional assets currently occupied by tenants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe need to wait for market demand,\u201d he explains. \u201cWe see a window of opportunity and want to deliver products that meet that demand. We have decided to make this a part of our business model. We are preparing accordingly\u2014we have land, participate in tenders, and will soon have more offerings in Vilnius and Kaunas.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He adds that only standalone assets will be sold, while properties within <em>Sirin\u2019s<\/em> logistics parks will remain under its ownership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Strong investor interest<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sigitas Jautakis, CEO of Norwegian-backed real estate developer <em>Baltic Sea Properties Holding LT<\/em>, which specializes in built-to-suit developments, confirms that investor interest in logistics and retail real estate remains strong.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cInvestors are looking for assets with strong tenants and stable income streams. I agree this is attractive asset class that can always find buyers. Of course, pricing, quality, and expectations on both sides need to be balanced,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jautakis notes that, at present, retail properties are attracting more attention than warehouses or office assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAs far as I know, the property sold in Kaunas is of high quality, and the tenant is performing well. The fact that they chose to acquire it themselves shows confidence in the location. We congratulate them and wish them success,\u201d he concludes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Asked whether his company would consider a similar strategy, Jautakis confirms it would, under the right circumstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCertainly\u2014we would just need to find the right tenant first,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more: <a href=\"https:\/\/www.vz.lt\/logistika-ir-transportas\/2026\/06\/04\/sirin-development-uz-16-mln-eur-perleido-sandeli-operatoriui-zada-pletoti-si-modeli-585705\">https:\/\/www.vz.lt\/logistika-ir-transportas\/2026\/06\/04\/sirin-development-uz-16-mln-eur-perleido-sandeli-operatoriui-zada-pletoti-si-modeli-585705<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Furniture retailer Araneta, operating under the \u201cBald\u0173 turgus\u201d brand, has acquired a 16,000 sq. m property in the Kaunas Free Economic Zone (FEZ), developed by Sirin Development in 2024 and previously leased by the company. The asset includes warehouse, office, and showroom space. Aurimas Andriekus, CEO of Araneta, told Verslo \u017einios (V\u017d) that he is [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":5008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-5009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SIRIN Development sells warehouse-owning company to operator for \u20ac16 million, plans to expand this model - Sirin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sirin.eu\/en\/sirin-development-sells-warehouse-owning-company-to-operator-for-e16-million-plans-to-expand-this-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SIRIN Development sells warehouse-owning company to operator for \u20ac16 million, plans to expand this model - Sirin\" \/>\n<meta property=\"og:description\" content=\"Furniture retailer Araneta, operating under the \u201cBald\u0173 turgus\u201d brand, has acquired a 16,000 sq. m property in the Kaunas Free Economic Zone (FEZ), developed by Sirin Development in 2024 and previously leased by the company. 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