Luminor grants 21.28 million euros for the purchase deal of Olaine Logistics Park
At the end of November SIA “Olaines Logistics” received 21.28 million EUR co-funding from Luminor to purchase the modern and functional logistic park SIA “Olaine Logistics Park”. The beneficiary of the funding SIA “Olaines Logistics” is owned by Estonian Investment Company “United Partners Property OÜ".
“It is a great satisfaction to become a long term financial partner for SIA “Olaines Logistics” – undoubtedly this is a mutual benefit. Luminor highly appreciates cooperation with businesses that care and wish to enhance the development of the Baltic countries. Olaine Logistics Park is an essential regional player, which is why we are pleased to be a part of this valuable cooperation, Kerli Gabrilovica, Country Head of Luminor Latvia emphasizes.
“We truly believe in the pan-Baltic business model. Acquiring the regional distribution hub of a leading pan-Baltic grocery retailer is a sound investment. The returns are modest but predictable and already proven,” Siim Sild, the Financial Director of “United Partners Property OÜ” says.“We are grateful that Luminor has decided to take a leading role in financing this acquisition. It's good to see that we share a vision and our long-term cooperation will continue in a new form with Luminor.”
S.Sild also remarks that almost 90% of the income of SIA “Olaine Logistics Park“ comes from two multinational companies, who have established strong brands and positions in their local markets. Both tenants have been on the premises for nearly 10 years and the lease agreements have been prolonged several times, most recently this year. “That’s a good indicator for the condition and location of the premises, giving us reasonable basis to assume that lease term prolongations will continue,” he adds.
About SIA “Olaine Logistics Park”
The complex of Olaine Logistics Park is a modern storage facility consisting of two warehouse buildings, where the high quality storage spaces and offices are located. They are well equipped, with relevant technological infrastructure and safety systems. The facility has a total area of over 37 000 sq.m and it is possible to ensure all the most relevant temperature regimes for the storage of food and other products.
Olaine Logistics Park is located in a very favourable location with well-established transportation infrastructure and flexible logistics solutions. It perfectly suits for the food distribution across the Baltic countries.
About “United Partners Property OÜ”
“United Partners Property OÜ” is the real estate investment wing of the company “United Partners Group”, established in 2003. It invests its own and investors’ capital into real estate development and management activities.