🇱🇻 Latvia | Luminor grants €2 million loan to expand Ulbrokas logistics hub
Luminor Bank has issued a €2 million loan to property developer SIA MCity Ulbrokas for the modernisation and expansion of the industrial warehouse complex Ulbrokas 23, the bank reported.
The project created a new controlled loading zone with five van bays, individual lifting gates, and a smoke-gas extraction system. The main warehouse received Hormann Dock gates, an energy-efficient water-heating system, LED lighting, and renewed internal roads.
The upgrade was carried out in cooperation with Magnum Medical, a leading pharmaceutical wholesaler operating at the site since 2006. Construction lasted 20 months, implemented by SIA The true H.O.M.E together with several Latvian contractors.
Firmas.lv data show MCity Ulbrokas recorded €1.85 million turnover and €157 949 profit in 2023. The company, founded in 2006, is owned by MCity Capital.
Context:
The project reflects continued investment in Latvia’s logistics infrastructure, driven by growth in e-commerce and pharmaceutical distribution. Financial backing from Luminor highlights the trend toward modernising existing industrial assets for energy efficiency and automation.
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