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TARK GRUNTE SUTKIENE advised major real estate acquisition in Estonia

12.10.2010

Risto Vahimets

Technopolis Plc and the Tallinn-based Smart City Group AS and its subsidiary Ülemiste City AS closed the transaction for creating a joint venture, Technopolis Ülemiste AS.

The share purchase agreement was signed in March 2010; the establishment of Technopolis Ülemiste is covered in more detail in the Technopolis’ stock exchange release published on March 26.

The enterprise value of Technopolis Ülemiste is EUR 63.5 million, with loans totaling EUR 43 million, whereas the financing of Technopolis Ülemiste was arranged with AS Swedbank.

Technopolis Ülemiste has a property portfolio comprising approximately 70,000 square meters, with approximately 46,000 square meters of modern office buildings. The company also owns building rights totaling approximately 150,000 square meters.

The transaction was closed on 7 October. The client was advised by partner Risto Vahimets and senior associate Minni-Triin Park and Kuldar-Jaan Torokoff.

Please read Ülemiste City press release for more details.
Please read Technopolis Plc press release for more details.

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