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Subsidiary of Hepsor AS acquires property in the Manufaktuuri Quarter, Tallinn

·1-min read
HEPSOR AS
HEPSOR AS

On 7 September 2022, a subsidiary of Hepsor AS signed the sale-purchase agreement for acquiring the Manufaktuuri 12 property in the Manufaktuuri Quarter, Tallinn. In total, approximately 45 new apartments, developed together with the Tolaram Group, a long-term cooperation partner, will be built on the property.

Henri Laks, Member of the Management Board of Hepsor AS, said: „Manufaktuuri 12 is part of the Manufaktuuri Quarter development. We are starting with the construction of the next phase already this year. The development of Manufaktuuri 7, which includes two apartment buildings with a total of 154 apartments and approximately 450 m2 of commercial space, will be completed in 2024-2025. Another 261 new apartments and 5,800 m2 of commercial space will be added in 2025-2026 during the renovation of the historic Balti Manufaktuuri factory building. The first phase of the development of the Manufaktuuri Quarter, the 269-apartment Sitsi Õunaaia development, was completed in 2019, and also marked the beginning of the cooperation between Hepsor and Tolaram Group. In total, about 730 apartments will be built in the quarter. Innovative solutions and reuse of existing materials support our green thinking concept for both commercial and residential premises. The area will accommodate parks, green areas and playgrounds for the residents of the Manufaktuuri Quarter, the employees of the companies that have offices in the quarter, and the visitors. The multifunctional area creates enormous value for the entire area.“

Additional information:

More information about the Manufaktuuri Quarter development project is available at hepsor.ee/manufaktuur/m7/en/

Anneli Simm
Head of Investor Relations
Phone: +372 5615 7170
e-mail: anneli@hepsor.ee

Hepsor AS (www.hepsor.ee/en/) is one of the fastest growing residential and commercial real estate developers in Estonia and Latvia. Over the last eleven years Hepsor has developed more than 1,400 homes and 23,000 m2 of commercial space. Hepsor has been the first real estate developer in the Baltic States to implement a number of innovative engineering solutions that make the buildings we construct more energy-efficient and thus more environmentally friendly. The company's portfolio is comprised of 26 development projects with a total sellable space of 175,000 m2.