PPurpose of the loan
The financing required amounts to 836,000 EUR, which will be raised in stages. The loan will be used to acquire real estate—two building complexes with lease rights to state-owned land plots, located in Kretinga, Pasieniečių St. 33H and 33O—and for project development. Both properties are located in a single established industrial area, and the total area of the leased land plots is 7.1435 ha. The property to be acquired consists of 11 buildings for manufacturing, storage, administrative, and auxiliary purposes, with a total area of 10,548.56 m². During the project’s development, the buildings and the site are expected to be renovated in phases and adapted for manufacturing, warehousing, cold storage, and logistics operations. The loan will be repaid using proceeds from the sale of the developed real estate or by refinancing it with another financial institution during a subsequent development phase. The amount that the project owner is contributing to the project is 731,500 EUR.
About the Project
The project consists of eleven buildings registered as separate properties in the Real Estate Register and the lease rights to two state-owned land plots. The complex at 33H Pasieniečių St. is located on a 4.2789-hectare plot with the unique number 4400-5466-2956, while the complex at 33O Pasieniečių St. is situated on a plot covering an area of 2.8646 ha, with the unique number 4400-5466-3020. The primary purpose of both plots is “other,” and their designated use is “areas for industrial and storage facilities.” The total area of the two leased plots is 7.1435 ha. The lease term for the plot at 33H Pasieniečių St. is set to expire on June 17, 2044, and for the plot at 33O Pasieniečių St., until June 17, 2043.
The total floor area of the project’s buildings is 10,548.56 square meters, of which the area of the nine buildings in the complex at 33H Pasieniečių St. is 7,696.84 square meters, and that of the two buildings in the complex at 33O Pasieniečių St. is 2,851.72 square meters. The total floor area is approximately 7,372.35 square meters, the total volume is approximately 57,572 cubic meters, and the total built-up area is approximately 11,058 square meters. All buildings are registered as 100 percent complete, and their construction period spans from 1958 to 1991.
The building being mortgaged in the complex at 33H Pasieniečių St. is a cold storage facility designated as 9F1p, with the unique number 5695-6003-6291. It is a single-story building with a total area of 1,309.33 square meters and a main floor area of 909.71 square meters, with a volume of 10,203 cubic meters and a built-up area of 1,797 square meters. The walls are brick, the roof is covered with asbestos cement, and the property has registered on-site water supply and on-site sewage disposal systems. The building contains cold storage rooms, technical and auxiliary rooms, and the technical description additionally specifies the electrical and refrigeration systems.
Within the same complex is a single-story compressor building 1H1/g, unique number 5695-6003-6380, built in 1991. Its total area is 84.58 square meters, its main area is 73.94 square meters, its volume is 287 cubic meters, and its built-up area is 90 square meters. The building has a metal frame, metal walls, and a metal roof; it is equipped with electrical wiring, but heating, water supply, sewage, and gas services are not registered. The building can be used as an auxiliary structure supporting manufacturing processes.
Production Hall 10P2p, unique number 5695-6003-6037, is a two-story building with a total area of 695.07 square meters and a main floor area of 371.38 square meters; volume 2,493 cubic meters, built-up area 513 square meters. The building has brick walls and an asbestos-cement roof; it is equipped with local central heating, a local water supply system, and a local sewage system. The first floor contains production, auxiliary, sanitary, and technical rooms, while the second floor contains administrative and auxiliary rooms.
Refrigerator 2F1/g, unique number 5695-6003-6391, built in 1991, is a single-story building, with a total area of 1,403.31 square meters and a main area of 1,137.65 square meters; its volume is 8,964 cubic meters, and its built-up area is 1,824 square meters. The registry data specifies a metal frame, metal walls, and metal roofing, while the technical description details monolithic concrete foundations, structures adapted for refrigeration, metal trusses, industrial flooring, cold storage rooms, corridors, and auxiliary rooms.
The residential cottage 3H2/p, unique number 5695-6003-6404, is a two-story building with a total area of 851.89 square meters and a main floor area of 641.43 square meters; a volume of 4,349 cubic meters, and a built-up area of 725 square meters. The building has brick walls, an interlocking roofing membrane roof, and is equipped with local central heating, water supply, and sewage systems. It contains administrative and utility rooms, offices, restrooms, shower rooms, and auxiliary spaces.
Refrigerator 5F1/p, unique number 5695-6003-6426, is a single-story structure with with a total area of 1,960.95 square meters and a main area of 1,456.47 square meters; its volume is 11,921 cubic meters, and its built-up area is 2,822 square meters. The building has brick walls and an asbestos-cement roof; it is divided into cold storage rooms, storage areas, and auxiliary facilities. The technical description specifies the electrical and refrigeration systems.
The kitchen building 6H1/p, unique number 5695-6003-6370, is a single-story structure, with a total area of 1,225.65 square meters and a main area of 745.35 square meters; its volume is 7,987 cubic meters, and the built-up area is 1,372 square meters. The building has brick walls, an overlapping roofing felt roof, and is equipped with local central heating, water supply, and sewage systems. It features food production, auxiliary, and administrative areas, industrial flooring, and the engineering systems necessary for manufacturing operations.
The complex at Pasieniečių g. 33H also includes a single-story veterinary clinic, 35D1p, unique number 5695-6003-6063, with a total area of 74.97 square meters, a main area of 54.45 square meters, a volume of 287 cubic meters, and a built-up area of 99 square meters. The building has brick walls and an asbestos-cement roof, with local central heating, water supply, and sewage systems; it contains offices and auxiliary rooms. The second veterinary clinic, 36D1p, with unique number 5695-6003-6163, is a single-story building with a total area of 91.09 square meters and a main area of 70.23 square meters; volume 387 cubic meters, built-up area 121 square meters. It also has brick walls, an asbestos-cement roof, and is equipped with local central heating, water supply, and sewage systems.
The main building of the complex at 33O Pasieniečių St. is production workshop 4P2p, unique number 5695-6003-6059. It is a two-story building with a total area of 2,822.65 square meters and a main floor area of 1,901.26 square meters, with a volume of 10,571 cubic meters and a built-up area of 1,652 square meters. The building has brick walls and an asbestos-cement roof; it is equipped with a local central heating system, a local water supply, and a local sewage system; there is no gas supply. The first floor houses large workshops, storage areas, production facilities, and auxiliary rooms, with the production areas having a ceiling height of approximately 9.50 m. The second floor contains workshops and storage areas, offices, halls, corridors, restrooms, washrooms, and shower rooms. The building’s large open spaces, height, and functional layout make it suitable for manufacturing, assembly, storage, or technical maintenance.
Residential cottage 11H1p, unique number 5695-6003-6048, built in 1983, is a single-story structure, with a total area of 29.07 square meters and a main area of 10.48 square meters; volume 123 cubic meters, built-up area 43 square meters. The building has brick walls and an asbestos-cement roof, with local central heating, a local water supply, and a local sewage system. It features a hallway, a restroom, a utility room, and two offices.
The best use of the mortgaged property is to maintain its industrial and storage functions by comprehensively and gradually renovating the buildings and adapting them to the specific user’s activities. The refrigerators, production workshop, kitchen, compressor room, and administrative and utility rooms at the complex at 33H Pasieniečių St. form the basis for food production, storage of frozen or perishable products, cold chain logistics, agricultural product processing, wholesale distribution, or general warehousing. The production facility at 33O Pasieniečių St., with its large spaces and 9.50 m high production zones, workshops, warehouses, and administrative spaces, is best suited for manufacturing, assembly, repair work, and the storage of equipment or products. By using both complexes together, it is possible to create a unified production and logistics base with separate zones for production, refrigeration, warehousing, administration, employee services, and transportation. An alternative, efficient use would be to lease individual buildings or parts thereof to multiple tenants engaged in manufacturing, warehousing, or service activities, following renovation and the separation of utility systems.
The property’s appeal is enhanced by its large total area and building volume, diverse functional uses, high-ceilinged production facilities, cold storage infrastructure, administrative and utility spaces, adequate freight access, and its location within an established industrial zone.
Potential buyers include food and agricultural product processing companies, frozen food and cold-chain logistics operators, wholesale and distribution companies, warehousing and transportation firms, light- or medium-intensity manufacturing, assembly, packaging, metal, wood, or technical services companies, as well as industrial real estate developers and investors willing to renovate the buildings in phases, divide them into smaller rental units, and manage them as a multi-tenant industrial park.
The project is large-scale and functionally diverse, and its greatest economic benefit can be achieved by using it as an integrated manufacturing, cold storage, warehousing, and logistics hub. The property’s liquidity is considered sufficient but not high: its location and wide range of uses support demand, but the overall size of the complex, the specialized purpose of some of the buildings, the need for repairs, and future investments limit the pool of potential buyers. The property is likely to attract the most interest from a strategic end-user or an industrial real estate investor capable of utilizing both complexes together and implementing a phased renovation and leasing project.
More about the project (see Documents) (see Loan Security Measures).