Subsidiaries of Hepsor AS signed loan agreements for the realisation of Manufaktuuri quarter development projects
Hepsor Phoenix 3 OÜ and Hepsor Phoenix 4 OÜ, companies belonging to Hepsor AS
Group, signed loan agreements with AS LHV Bank on 12 September in a total amount
of 40.3 million euros to finance the realisation of two development projects -
Manufaktuuri Factory Phase I and Manufaktuuri 12 - in Tallinn's Manufaktuuri
quarter.
Hepsor Phoenix 3 OÜ signed loan agreements in a total amount of 33.3 million
euros to finance the construction of the first phase of the Manufaktuuri Factory
at Manufaktuuri 5b. In addition, a construction contract valued at 33.3 million
euros was signed with Mitt & Perlebach OÜ. In the first phase of the project,
152 new homes will be built with a total sales area of 10,420 m². Preparatory
works for the construction started in the second quarter of 2024, with
construction scheduled to be completed in the fourth quarter of 2027.
The Manufaktuuri Factory is the largest development project in Hepsor's history.
It is part of the comprehensive regeneration of a former industrial area and the
creation of a new, diverse and modern urban space, providing future residents
with a unique combination of historic ambience and modern living.
'The Manufaktuuri Factory is a special project, not only in our portfolio, but
also in the context of Tallinn. The Manufaktuuri Factory gives character to the
whole quarter and is the heart of the future campus. Our goal is to create a
building that is technically state-of-the-art, durable, and meets the
expectations of a forward-looking living environment,' said Mihkel Mäger,
Hepsor's Country Manager for Estonia.
In addition, Hepsor Phoenix 4 OÜ and AS LHV Bank signed a 7 million euros loan
agreement to finance the residential development project Manufaktuuri 12, in
Tallinn, at the address Manufaktuuri 12. Construction works started in July
2025, when the construction contract was signed with Mitt&Perlebach OÜ. The
project consists of two apartment buildings with a total of 49 apartments and a
total saleable area of 3,090 m(2). Construction is scheduled for completion in
the second half of 2026.
The Manufaktuuri quarter is being developed by Hepsor in partnership with
Tolaram Group. To date, 421 homes have been completed in the Sitsi Õunaaed and
M7 developments, of which 96% have been sold.
The signing of these loan and construction agreements marks an important
milestone for both Hepsor and the entire Manufaktuuri quarter development, which
will result in the construction of 201 new homes per quarter over the next two
years.
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: [email protected] (https://www.globenewswire.com/Tracker?data=i-EyQ9hO-
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hXRSZ1f7x_JZqtOz0uJ82NHXRMBEV0qxUqIOUblUntZzPsPC5JiBC344CCLn8QthMwC2m-qVy0=)
Hepsor AS (www.hepsor.ee
(https://www.globenewswire.com/Tracker?data=PEj8ic9ob1AYieNletj9Afc8n477Spmkxg0b
U8DEeZ1yGV-1QdVYdcIqSCzH-qlKSV7YGs-SFQ0SRJLXhkom8A==)) is a developer of
residential and commercial real estate. The Group operates in Estonia, Latvia
and Canada. During our fourteen years of operation, we have created 2,076 homes
and nearly 36,300 m(2) of commercial space. As the first developer in the Baltic
countries, Hepsor has implemented several innovative engineering and technical
solutions that make the buildings built by the company more energy-efficient and
thus more environmentally friendly. The company's portfolio includes a total of
25 development projects with a total area of 178,200 m(2).