Lumi Capital signed a construction contract to expand the Plienciema logistics complex near Riga airport.
The originally 9 120 square meter structure will grow by almost 40% – after construction the total area of the complex will be 15 400 square meters. Construction will be completed in 2020 and the work will be carried out by a Latvian subsidiary of the Estonian construction company Mapri Ehitus.
The newly built area will be leased under a long-term lease agreement to Inter Cars Group, the biggest automobile parts wholesaler in Eastern Europe.
“We find the location of Plienciema Center very favorable and believe that the expansion has great potential. The incremental space is a modern logistics building of very good technical quality, home to a leading company in its field,” says Raiko Uri, Managing Partner of Lumi Capital.
Lumi Capital acquired Plienciema Centers in cooperation with Estonian private investors in the first half of 2019. The complex is located in the immediate vicinity of Riga city as well as Riga airport and is, due to its convenient location, attractive to different logistics companies. Anchor tenants of the building are the Deutsche Post DHL Group and the Inter Cars Group.
Inter Cars Group is the largest importer of automobile parts in Central and Eastern Europe with 400 locations in 14 European countries. The Deutsche Post DHL Group is one of the world's leading logistics groups with operations in more than 220 countries.