Oslo, 4th March, 2024 - Baltic Sea Properties AS ("BALT" or "the Company", and
together with the Company's subsidiaries, "BSP") has today entered into a new
development and lease agreement with ESO, a subsidiary of the public listed
energy company Ignitis Group. This agreement is for an office and part warehouse
complex, comprising 4,340 sqm, at our "Liepu Parkas" development project - a
16,000 sqm business  & retail park in Klaipeda, Lithuania's third-largest city.

The new development provides ESO with a new strategically located regional hub,
to support their role in the maintenance and development of the energy
distribution networks, as part of Ignitis Group's operations in Western
Lithuania. 

Lars Christian Berger, CEO of BSP, comments: "We are excited to be chosen as the
preferred partner for the development of a modern campus for ESO and Ignitis
Grupe, a key player in the Baltic energy sector. This lease agreement and with
the immediate start of construction demonstrates our team's commitment to our
pipeline growth including own developments and build-to-suit  projects. Together
with our expansion project for Rhenus Logistics, we have a contracted
development pipeline totalling EUR 22-23 million.

The agreement includes a 10-year lease term based on triple net principles. The
property will be certified under the BREEAM sustainability rating scheme and
designed to incorporate renewable energy production. The total estimated
development cost of the first building with land and associated infrastructure
is approximately EUR 8.5 million (around NOK 97 million).

About Ignitis: 
Ignitis Group, the leading energy and distribution company in the Baltic region,
with operations extending to Finland and Poland, has a stated commitment to
create a 100% green and secure energy ecosystem for the present and future
generations, aspiring to be among the first to achieve a completely green energy
system in Europe. The Republic of Lithuania, as the majority shareholder, views
Ignitis Group's operations as critical to its prioritised strategy for enhancing
energy security by achieving energy independence.

In 2023, Ignitis Group reported revenues of EUR2.62 billion and an adjusted EBITDA
of EUR484.7 million. The Group employs over 4,150 employees.

Website: https://ignitisgrupe.lt/en 

About ESO: 

ESO - the largest electricity and gas distribution company in Lithuania, a
subsidiary of Ignitis Group, is dedicated to ensuring the reliability and
efficiency of electrical infrastructure. 
The vision of ESO focuses on cooperation in providing high quality services
based on the most advanced technologies while seeking progress in efficiency of
performance. 

Website: https://www.eso.lt/en/

About Liepu Parkas: 
Liepu Parkas is a modern business and retail park, covering up to 16,000 m2 of
office, retail & commercial premises for lease.  The project is situated along
Liepu Street and adjacent to Palanga highway and is one of Klaipeda's most
strategically important locations.

Website: https://www.liepuparkas.lt/en/ 
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For further information, please contact:

Lars Christian Berger, 
CEO
Phone: +47 930 94 319
Email: Lcb@balticsea.no

The information in this announcement is subject to disclosure requirements under
the EU Market Abuse Regulation (MAR) and listing rules for Euronext Growth Oslo.

Baltic Sea Properties AS ("BALT" or "the Company", and together with the
Company's subsidiaries, "BSP") stands as a dedicated entity in real estate
investment, with a portfolio that spans logistics, industrial, and commercial
segments, fostering a diversified and sustainable revenue stream.