Baltic Sea Properties AS has confirmed a memorandum of understanding (MoU) with its largest tenant Rhenus Group regarding expansion of the existing logistic terminal with approximately apx. 16,000 sqm. The company has been informed that the expansion project including main terms has been approved both by the Board of Directors in Rhenus Group and their Supervisory board.

The final contract negotiations are already underway, and it is expected to be concluded in the next few weeks. The expansion project includes a new 16,000 sqm logistic terminal including cross docking area of approx. 4.800 m2.

The property will be certified in accordance with the sustainability rating scheme BREEAM and a photovoltaic cell facility will be installed on the roof of the expanded area. Total project cost is estimated to be around EUR 14.5 million. Estimated handover to the tentant is in the third quarter of 2023.

The terms include an extension of the current lease agreement with a new 15-year period running from the handover date for the extended area.Upon completion, the total leasable area of the terminal will be approx. 34,000 sqm.