Luminor supports MCITY Ulbroka's €2 million investment project

With the support of Luminor, the Latvian real estate developer SIA MCITY Ulbrokas has invested almost 2 million euros in the modernization and expansion of its industrial warehouse Ulbrokas 23. The company has completed the investment project aimed at modernizing, technically renovating and expanding the warehouse,  as well as creating a specialized area in the warehouse for more efficient loading of goods and optimization of logistics processes. 

In the new extension, a controlled loading area for goods has been created with five minibus parking spaces and separate lift gates for each vehicle, which significantly speeds up the processing of goods and ensures safe, convenient and efficient logistics. A specific smoke and gas removal system has been integrated into the extension, while the existing warehouse has undergone extensive modernization – an improved cargo handling area, lowered the terrain of the territory, installed new HORMANN DOKU type logistics gates, replaced gas heating with an energy-efficient water heating system, introduced LED lighting, as well as renovated road infrastructure and carried out landscaping. The project was implemented in cooperation with the long-term tenant Magnum Medical.

“We are pleased to support MCITY Ulbroka in the implementation of this project. This investment confirms both the company's long-term view of sustainable real estate development and the high potential of the Latvian logistics industry. It is important for us to finance projects that promote energy efficiency, modern infrastructure and environmentally friendly operation. The MCITY Ulbroka project is a great example of how responsible development and cooperation with reliable tenants creates added value for both business and the local economy,” says Ilze Zoltnere, Head of Luminor Corporate Department.

MCITY Ulbroka warehouse has received the internationally recognized BREEAM Very Good certificate, and all power supply is provided with 100% renewable energy sources, promoting environmentally friendly operation for both developer and tenants.

“Our goal is to build long-term relationships with our tenants, and it's important to us that they're happy with our facilities, the product we offer, and our work. The warehouse modernization and expansion project for Magnum Medical was a large and technically complex project. I am very pleased with the high-quality work that has been accomplished , despite various  obstacles and difficulties. We also appreciate the successful and professional cooperation with the bank and the team  with strong expertise in the commercial real estate industry The result will contribute to the business growth of one of our key tenants , and it is a pleasure that we can implement such a project together,” emphasizes Pēteris Antonovs, Chairman of the Board of SIA "MCITY Ulbrokas”.

The new extension and modernization has been developed in close cooperation with the long-term tenant Magnum Medical, one of the leading wholesalers of medicines in Latvia, which has been operating in the MCITY Ulbroka complex since 2006.  The construction and project coordination lasted 20 months and was carried out by the general contractor SIA “The true H.O.M.E” in cooperation with SIA “DL Būve”, SIA “Zilber”, SIA “Rajs”, SIA “SL-PRO Baltic” and SIA “Multicomp”. The project has been implemented with the funds of “MCITY Ulbrokas” and with the financing of the bank “Luminor”.

By MCITY Ulbrokas    

MCITY is a commercial property development and management company with Latvian capital. The company currently manages three office and warehouse buildings with a total area of more than 32,000 square meters. The MCITY holding includes 11 companies. 

By Luminor    

Luminor is the leading independent bank in the Baltic States and the third largest financial services provider in the region. We provide financial services to individuals, families and businesses. Like the Estonian, Latvian and Lithuanian markets, we are young, dynamic and focused on the future.