The net profit of AS Technopolis Ülemiste, developer of the Ülemiste City commercial district, increased by 9.2% last year, amounting to 7.1 M euros, and the net sales by 17.0% to 12.9 M euros. The EBITDA increased by 22.0%, reaching 8.6 M euros. The company’s equity amounted to 56.4 M euros at the end of the accounting period.
“Last year’s economic results matched our expectations. The year was characterised by the high fill rate of the rental premises offered by us and the sales of services, which exceeded our expectations,” said Gert Jostov, CEO of Technopolis Ülemiste AS. “Technopolis Ülemiste includes the total of approximately 74,000 m² of rental premises, which still makes us the largest owner of rental premises in Tallinn.”
According to Gert Jostov, 2016 was mainly dedicated to preparation of new expansion plans. “In autumn, we entered into a general contracting contract with Nordecon AS for construction of the new 13-level office building named after Alexandre Liwentaal and the parking building next to the office building,” said Jostov. “Both the office building of the net surface area of 9,000 m² and the parking building with 450 parking spaces will be completed in the 2nd quarter of 2018. We are also renovating a building at 2 Sepapaja Street, in which a new Selver grocery store will be opened this June.”
The total of 19.7 million euros has been and will be invested in the construction of the new office building and parking building and renovation of the store building in the period from 2016-2018.