TECHNOPOLIS PLC INVESTOR NEWS June 6, 2018 at 3:00 p.m. EEST
Technopolis to Invest EUR 25 million in Campus Expansion in Oulu City Center
Technopolis has decided on a EUR 25 million investment to expand its CBD campus in Oulu, Finland. Construction work is scheduled to start in July 2018, after receiving a building permit. The project is due for completion in March 2020.
“For us, this is a strategic investment”, says Keith Silverang, CEO of Technopolis. “One of our goals has been to divest some outdated properties outside the city and invest in modern, flexible serviced office in CBD. As both local and national level economic indicators are currently favorable, and support rental growth and office demand, we think this is the time to play offence in Oulu”, he continues.
The second phase will add another 8,400 m² to the campus, bringing the total rentable area to over 19,000 m2. The project will also bring an additional parking garage and the total number of parking places to over 400. The initial yield of the project is estimated at 7.2% and the stabilized yield at 8.4%. The new building is on track to achieve a Gold-level LEED (Leadership in Energy and Environmental Design) certificate.
“We are excited about being able to extend our offering in CBD Oulu and finish the campus. Our existing City Center building’s vacancy is well below the Oulu CBD market average, which gives us confidence in the success of this project. There is clearly demand for modern, flexible office space with a range of services for both companies and employees”, says Marko Lind, Director, Oulu operations of Technopolis Plc.
Technopolis Plc
Further information:
Keith Silverang
CEO
Tel. +358 40 566 7785
Technopolis is a shared workspace expert. We provide and flexible offices, coworking spaces and everything that goes with them. Our services run from designing the workspace to reception, meeting solutions, restaurants and cleaning. We are obsessed with customer satisfaction and value creation. Our 17 campuses host 1,600 companies with 50,000 employees in six countries within the Nordic and Baltic Sea region. Technopolis Plc (TPS1V) is listed on Nasdaq Helsinki.
www.technopolis.fi/en