We advised Technopolis on the sale of its majority shareholding in Technopolis Ülemiste to Mainor Ülemiste, its partner in the joint venture. The sale was completed following a positive decision from the Estonian Competition Authority.
Technopolis provides efficient and flexible office spaces in six European countries, comprising 16 campuses hosting 1,500 companies and 48,000 employees. Prior to the completion of the transaction, Technopolis Ülemiste was a joint venture between Technopolis and Mainor, dedicated to the development of a third of the area of the Ülemiste City campus.
The biggest deals in the Baltic real estate market
The transactions was part of the Technopolis exit from the Baltic market as Technopolis simultaneously sold its business campus in Lithuania, where the transaction was advised on by a Sorainen Lithuania team led by partner Kęstutis Adamonis. We advised the client on signing and completing the agreement to sell the Technopolis Osaz business campus in Vilnius to the real estate fund Baltic Opportunity. The transaction was completed following approval from the Lithuanian Competition Authority.
Important developments across Ülemiste City
The Ülemiste City campus is the third-largest taxpayer in Estonia, with an annual turnover of over 2.4 billion euros. The campus features almost 30 hectares of land under development, with more than 500,000 m2 yet to be developed. The campus expects to see numerous developments in the future, including cooperation with the city of Tallinn regarding the construction of the Rail Baltic terminal adjacent to the campus.
The Ülemiste terminal will serve as a railway connection between the Baltic countries and Western and Southern Europe, as well as a public transport hub in Tallinn.
The development plans also include the first high-rise building in the area, a 24–26-storey conference hotel. According to the major shareholder in Ülemiste City, Guido Pärnits, the conference hall will accommodate around 1,500 people and the hotel is expected to be completed by 2030.
Additionally, the construction of the most important building on the campus – Ericsson’s new high-tech factory – will be completed by 2026. According to Pärnits, the building will boost innovative technology development and the local manufacturing base.
Our services and client team
We advised Technopolis on facilitating the buyer’s due diligence efforts, drafting and negotiating the transaction documents, and closing the transaction.
Our client team was led by partner Paul Künnap and senior associate Robin Teever.
