Technopolis Ülemiste Launched in Tallinn
Technopolis Ülemiste, a subsidiary of Technopolis Plc, is starting operations in Tallinn, Estonia. Technopolis Group has a 51 % holding in the company and a 49 % interest is held by Tallinn-based partner Smart City Group As.
“Technopolis Ülemiste is the Group’s first international acquisition and lays an excellent foundation for further growth in Estonia. By partnering with a local operator we will gain swift access to the Tallinn market. Initially Technopolis Ülemiste has a share of approximately 10 % of the office market in Tallinn and this center matches our portfolio perfectly in terms of quality and customer base”, says Technopolis CEO Keith Silverang.
The Director of Technopolis Ülemiste, Gert Jostov, continues: 'We will immediately launch business and development services in accordance with the Technopolis concept. Our current business services range will be expanded and standardized, which will support customer loyalty and creates cash flow in the long term. The fundraising services and match making services provided by Development Services will be an excellent channel for our customers to find contacts with international venture financiers and customers of Technopolis in Finland and Russia.”
Technopolis Ülemiste has a property portfolio comprising approximately 70,000 square meters with approximately 46,000 square meters of modern office buildings. The company also owns building rights totaling approximately 150,000 square meters and suitable for office space. The enterprise value of Technopolis,Ülemiste is EUR 63.5 million with loans totaling EUR 43 million. The company’s pro forma full-year net sales are expected to, total EUR 4.5 million and EBITDA EUR 3.6 million.
“The financing of Technopolis Ülemiste was arranged with Swedbank. This was a sound opening for cooperation with Swedbank. We negotiated a long-term agreement mutually accepted by Technopolis and Smart City Group As. Swedbank with its market knowledge and trustworthiness supports Technopolis Ülemiste as financier. We are looking forward for future co-operation, as we seek new growth opportunities”, says Technopolis CFO Reijo Tauriainen.
Priit Perens, CEO of Swedbank in Estonia, welcomes Technopolis to the local market. 'Our role as a credit institution is to support enterprises that have a high potential. Technopolis Ülemiste As is a strong and competitive company which will be a valuable addition to the Estonian market.'
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