TECHNOPOLIS PLC STOCK EXCHANGE RELEASE June 9, 2016 at 2:30 p.m.
Technopolis to Expand Ruoholahti Campus
Technopolis will invest EUR 33.2 million in the expansion of its Ruoholahti campus in Helsinki. The expansion is due for completion in July 2018.
“This investment is an important part of our growth strategy in the Helsinki metropolitan area”, says Keith Silverang, CEO of Technopolis. “Our occupancy rate in Ruoholahti is currently 97.4% and we want to offer flexibility and growth opportunities both for our existing customers, and newcomers. The expansion will also improve the efficiency of our existing campus services by boosting the scale of our operations around the existing service infrastructure.”
Technopolis has signed a long lease agreement with an anchor company for the new building. The pre-let rate for the expansion is 37% and it has a rentable office area of 9,900 m². The expansion also includes 115 parking spaces. The net initial rental yield of the expansion is estimated at 5.8% and the stabilized yield at 6.6%. The appraisers have assigned a market yield requirement of 5.9% to the new building.
Technopolis Plc
Keith Silverang
CEO
Tel. +358 40 566 7785
Technopolis provides the best addresses for success 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 Helsinki.