BSP and Rhenus amend expansion project, extend build option to 2027 and commit to long-term lease

07 Jul 2025 08:30 CEST

Oslo, 7th July 2025, CEST - Reference is made to the stock exchange announcement
(message ID 597586) from Baltic Sea Properties AS (“BALT” or the “Company”, and
together with its subsidiaries, “BSP”) dated 22 August 2023, regarding the
agreement with Rhenus Group for a 17 255 sqm expansion of the existing logistics
terminal in Vilnius.

The parties have agreed to postpone the construction in response to what are
believed to be temporary changes in the client’s requirements. An amendment to
the original agreement has been signed, granting Rhenus Group an option to
confirm the expansion construction at any time up to and end of 2027. To
demonstrate commitment to the expansion, and in the unlikely event that the
option is not exercised by that date, the parties have agreed that BSP will be
entitled to compensation for the design and project costs incurred.

BSP has also entered into a design and build agreement with our general
contractor, under which the design and all necessary municipal approvals will be
completed to ensure efficient implementation once the project is resumed.

Irrespective of whether the expansion takes place, the parties have also agreed
to extend the current triple net lease agreement for the existing 18 200 sqm
terminal until end of 2040.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

For further information, please contact:
Lars Christian Berger
CEO
Phone: +47 930 94 319
Email: Lcb@balticsea.no

Baltic Sea Properties is an open-ended and fully integrated real estate
investment company. The company is among the Baltics’ leading real estate
investors and developers – owning a diversified cash flow generating portfolio
of modern real estate in the logistics, industrial and commercial segments.

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