Construction has begun at the site of a large new industrial park located on Maskavas street in Stopiņi municipality near Rīga, the company behind the project said April 2.
The first stage of construction at the Sirin Industrial Park will be completed at the end of the year and will offer warehouses with a total area of 22,360 m2. Once completed, the facility will be one of the largest industrial parks in the area and the company Sirin Development plans to invest more than EUR 45 million.
The class A and A+ Energy Efficiency industrial park with a total area of 16 hectares will be located on Maskavas street, next to the main A6 highway. The planned area of the buildings will be approx. 80,000 m2. Previous developments by the company include logistics parks in Olaine (2008) and Ventspils (2011).
Sirin Development has a real estate portfolio of more than 270,000 m2 in Lithuania, Latvia and Russia. The company started operations in 2005.
Laurynas Kuzavas, CEO of Sirin Development said: “We are excited to expand our operations in Latvia by starting the construction of our new object in Stopini. With an investment of EUR 45 million, the new industrial park will become one of the largest logistics centers near Riga. Although the completion of the park will take up to 2 years, the company wants to expand its development product portfolio and is actively scouting for new opportunities in and near Riga.”
Andris Ozols, Director of the Investment and Development Agency of Latvia (LIAA) said: “Logistics is akin to a city’s circulation. Without it, it is hard to imagine a complete and urban environment. Such large, modern logistics hubs are very valuable because they not only bring millions in investment and new jobs, but also fulfill functions that aren’t always highlighted but are vital for the city.”