The Finnish real estate company Technopolis continues to grow according to its strategy. Technopolis and its joint venture partner in Estonia, Mainor, will invest approximately EUR 19.7 million in the expansion of the Ülemiste campus in Tallinn. The investment consists of three projects: a new office building, a parking house and renovation of a protected building into a grocery store. These will be launched once the building permits have been received.
|Project||Gross leasable area||Investment||Yield||Estimated completion|
|Office Building, Lõõtsa 12||9,700 m²||EUR 13.6 million||7,6||Summer 2018|
|Parking House, Lõõtsa 11||12,400 m²
(429 parking spaces)
|EUR 4.2 million||7,6||Summer 2018|
|Grocery Store Sepapaja 2||930 m²||EUR 1.9 million||7,6||Spring 2017|
There is strong demand for modern office space and services in the rapidly growing Ülemiste City campus. The occupancy of the Technopolis Ülemiste campus is currently 98%. “It’s important to us to offer growth opportunities for both our existing and new customers in Tallinn. This includes renovating the campus to better serve the changing working life. Versatile services, such as a grocery store, make everyday life easier for our customers and boost the attractiveness of the whole area,” says Keith Silverang, CEO of Technopolis.
Technopolis entered the Tallinn market six years ago. “During our time in Ülemiste, the area has become the most attractive and fastest developing business district in Estonia and the biggest office area in Tallinn. As much as 12% of Tallinn’s office space is located in Ülemiste,” says Gert Jostov, Director of Tallinn Business Unit.
The investments will raise the rentable area of the campus to around 82,000 m².
Technopolis owns 51% of Technopolis Ülemiste AS, while Mainor holds 49%.