Hepsor AS and AS Phoenix Land, a company of the Tolaram Group, signed a shareholders’ agreement on 18 December under which the parties will continue their cooperation in the implementation of the next phase of the Manufaktuuri quarter development. For this purpose, Hepsor’s subsidiary Hepsor PHX5 OÜ (registry code 17394859) has been established and is owned in equal shares by Hepsor AS and AS Phoenix Land.
The new joint venture will commence the development of residential and commercial real estate in Tallinn at Manufaktuuri 3. AS Phoenix Land will contribute the property as a non-monetary contribution to the voluntary reserve capital of Hepsor PHX5 OÜ in the total amount of EUR 5.8 million.
The Manufaktuuri 3 property has a valid detailed plan. As part of the development preparation process, an architectural competition is planned with the aim of identifying the best possible design solution. While the detailed plan allows for the development of a high-rise building of up to 60 storeys, the final architectural and urban design solution will be determined based on the results of an architectural competition.
“The cooperation between Hepsor and the Tolaram Group in the Manufaktuuri quarter has been consistent and successful. Through the new joint venture, we will continue developing the next phase of the quarter to create high-quality and diverse residential and commercial real estate for Tallinn’s urban space. The projects, both completed and ongoing, have confirmed the strength of the collaboration and the development potential of the Manufaktuur quarter,” said Mihkel Mäger, Country Manager of Hepsor Estonia.
This is the fifth development project in the Manufaktuuri quarter. Previously, 421 homes have been completed as part of the Sitsi Õunaaed and M7 development projects, of which 97% have been sold. In 2025, construction began on two development projects in the Manufaktuuri quarter: the first phase of the Manufaktuuri Vabrik project, which will provide 152 new homes, and the M12 development project, under which 49 new homes will be completed.
In the future, the Manufaktuuri quarter will comprise approximately 1,100 homes and commercial premises.
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: martti@hepsor.ee
Hepsor AS (www.hepsor.ee) is a developer of residential and commercial real estate. The Group operates in Estonia, Latvia, and Canada. In fourteen years of operation, we have created 2,003 homes and nearly 44,787 m2 of commercial space. Hepsor is the first developer in the Baltic states to implement a number of innovative engineering solutions that make the buildings it constructs more energy efficient, and thus more environmentally friendly. The company’s portfolio includes 25 development projects with a total area of 178,200 m2. In addition, the Group is active in five projects in Canada, where the main activity is the preparation of detailed spatial plans for land, thereby achieving greater building rights.
