Technopolis secures refinancing for over €720 million of loans, sells two Baltic campuses

Technopolis has successfully secured a refinancing for over €720 million of loans across several loan facilities from a syndicate led by Citibank together with a number of global and local lenders.

This achievement in the current market environment is a testament to the quality of the Technopolis office portfolio and its exceptional performance.

“The lenders were universally impressed with the performance of our portfolio, particularly its resilience during Covid, which allowed us to secure the ongoing support of the existing lenders, but also to attract a few new lenders into the syndicate,” states Emma Kuzmina, Chairman of the Board at Technopolis.

Technopolis has successfully navigated Covid, the war in Ukraine, the energy crisis, inflationary shock, and high interest rates while maintaining a robust occupational performance with over 90% occupancy rates. The company’s income has also been growing year-on-year, with record sales, NOI, and EBITDA achieved in the financial year 2023. In addition, Technopolis has succeeded in reducing its carbon emissions by nearly 90% since 2016 and procures 100% of its electricity from carbon-neutral sources.

The consistently high occupancy rates and growing rents demonstrate how well Technopolis’ concept resonates with the market.

“This refinancing is proof that customers, stakeholders, and lenders appreciate the way Technopolis operates. The company’s focus on delivering sustainable, high-quality office solutions with a wide range of services and amenities, refined over four decades, aligns with market demands for superior service and convenience. Additionally, Technopolis’ dedication to an exceptional customer experience has consistently been a cornerstone of the company’s resilience through challenging times,” states Technopolis CEO Niko Pulli.

“Our flexible approach meets our customers' needs. We can see that the office continues to play a crucial and significant role in businesses' everyday operations, as customers and their employees use their offices as much as before Covid. We closely monitor physical attendance rates at our campuses and can clearly see a further rebound in employees returning to their workplaces, with restaurants and meeting rooms consistently busy,” Pulli says.

Strategic asset disposals strengthen focus in key Nordic markets

In addition to securing this vital refinancing, Technopolis has successfully completed the sales of its two campuses in the Baltics.

The divestment of the Ozas campus in Vilnius was completed on March 1, 2024, and the divestment of the Ülemiste campus in Tallinn was completed on March 21, 2024. These strategic transactions strengthen Technopolis’ position in its key Nordic markets, ensuring a more focused and efficient operation.

“As part of our strategic efforts to enhance our focus on the core Nordic markets and realign our geographic footprint, we are pleased to report substantial progress in reducing our exposure to the non-core Baltic region. This initiative reflects our commitment to concentrating our resources and investments in the Nordic region, where we see the greatest potential for growth and value creation,” Pulli says.

More information:

Emma Kuzmina
Chairman of the Board, Technopolis
Office: +44 207 045 3253 | Mobile: +44 (0) 776 654 8229
Email: [email protected]