Estonia, Financial Services, Good for Business, Real Estate

Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled 8.6 mln euros, 22% more than the year before. The company's equity capital amounted to 56.4 mln euros at the end of the reporting period.

Gert Jostov, board chairman of Technopolis Ulemiste, described the results for 2016 as being in line with expectations. "The year was characterized by a high occupancy rate of the spaces offered by us for rent and bigger-than-expected sale of services," he said.

Jostov added that with approximately 74,000 square meters of leasable floor area, Technopolis Ulemiste is the biggest owner of office space in Tallinn.

Jostov named work on plans for expansion as a keyword for 2016. In the fall, the company signed Nordecon AS as the contractor to build a 13-story office building named after Alexandre Liwentaal and a parking building next to it. The total investment in the office building, the parking building and the renovation of a store building amounts to 19.7 million euros in 2016-2018.

Ulemiste City, situated in the territory of the former Dvigatel mechanical engineering plant, serves as home to more than 300 businesses with approximately 8,000 employees now. Its developer, Technopolis Ulemiste AS, is owned 51% by the listed Finnish company Technopolis Plc and 49% by the Estonian company AS Mainor Ulemiste.