TECHNOPOLIS PLC PRESS RELEASE March 28, 2014 at 9.30 a.m.
Technopolis Invests EUR 18.3 Million to Expand Its Helsinki-Vantaa Airport Campus
Technopolis Plc is continuing its rapid growth in key locations in the Helsinki Metropolitan Area by investing EUR 18.3 million in the expansion of its Helsinki-Vantaa Airport campus. The company is planning to build a new office building with rentable space of approximately 5,300 square meters and a parking garage for 272 cars.
The new expansion phase will provide best-in-class environment for companies to operate and succeed. It is expected to be completed at the same time as the new Ring Railway which will connect the Helsinki-Vantaa campus to the airport as well as downtown Helsinki.
“The Helsinki-Vantaa campus has always been an excellent location for our customers. With the upcoming railway station and connecting bridge to our campus we can say that at the moment no one has a better location in the Airport area than Technopolis,” says Keith Silverang, Technopolis’ CEO. “We believe this gives the expansion investment an excellent starting point.”
The new building increases the campus’ rentable space to 25,500 square meters and will have additional building rights of 33,300 square meters.
The Helsinki-Vantaa campus has a financial occupancy rate of over 91 percent and the market yield requirement is 7.4 percent. The expansion has a pre-let rate of 30 percent and the company estimates that its stabilized yield will reach 8 percent. The company has so far invested EUR 1.9 million in the plot and planning.
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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 21 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 1,500 companies and their 32,000 employees in Finland, Norway, Estonia, Russia and Lithuania. The Technopolis Plc share (TPS1V) is listed on NASDAQ OMX Helsinki.
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