TECHNOPOLIS PLC STOCK EXCHANGE RELEASE May 7, 2015 at 10.00 a.m.
Technopolis to Expand Vilnius Campus
Technopolis will invest EUR 35.4 million in the expansion of its Ozas campus in Vilnius, Lithuania. The expansion is due for completion in December 2016.
“There is very strong demand for our space and services in Vilnius from international companies who are expanding their operations in the Baltics,” says Keith Silverang, CEO of Technopolis. “We have a 48% pre-let rate for the expansion, with the largest agreement covering the next 10 years. The financial occupancy rate of the existing campus is currently 100%, so we are confident about the expansion.”
The new Technopolis building will be in the B+ class where the demand is currently very strong. The market occupancy rate in the Vilnius B+ class is currently at 98.9%.
The rentable space for the new building is 21,600 m², and once complete, the rentable space of the campus will be approximately 63,300 m². The expansion also includes parking for 390 cars.
The net initial yield of the expansion is estimated at 7.8% and the stabilized yield at 9.8%, while the market yield requirement is 7.9%.
Technopolis Plc
Keith Silverang
CEO
Tel. +358 40 566 7785
Technopolis provides the best addresses for companies to operate and succeed in five countries in the Nordic-Baltic region. The company develops, owns and operates a chain of 20 smart business parks that combine services with flexible and modern office space. The company’s core value is to continuously exceed customer expectations by providing outstanding solutions to 1,700 companies and their 47,000 employees in Finland, Norway, Estonia, Russia and Lithuania. The Technopolis Plc share (TPS1V) is listed on NASDAQ OMX Helsinki.