Estonia, Good for Business, Markets and Companies, Real Estate

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 4.3% to 8.9 million euros. Equity of Technopolis Ulemiste AS stood at 68.4 million euros at the end of the reporting period, the company said.

"2017 was the most successful year in the company's history, driven primarily by the high occupancy rate of our rental spaces and good sales of services," Technopolis Ulemiste CEO Gert Jostov said.

"The spaces we are renting out in Ulemiste City amount to approximately 72,000 square meters now, which makes us the biggest owner of office buildings in Tallinn," he said.

Jostov described 2017 as a year of the launch of large-scale projects planned long ahead by Technopol. The focus of development in 2017 was mainly on the construction of the 13-story Alexandre Liwentaal building and a parking building at the addresses Lootsa 11 and 12. The parking building was opened in mid-February and the new office building with more than 9,000 square meters of floor area is scheduled to open by this summer.

In addition, a 900 square meter building at the address Sepapaja 2 was renovated last year, and a Selver foodstore intended to cater to the 8,000 or so people working in the Technopolis compound opened there in June 2017.

Also in 2017, amendments to the detailed plan were finalzed which allow the company to build eight more office blocks of altogether 80,000 square meters and two 500-lot parking houses on 4.41 hectares of land between Suur-Sojamae, Lootsa, Aasi and Valukoja streets. The investment decision concerning these new volumes has not been made yet .

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