Hepsor Secures Financing for Innovative Development Projects
Hepsor Phoenix 3 OÜ and Hepsor Phoenix 4 OÜ, subsidiaries under the Hepsor AS Group, have recently signed significant loan agreements with AS LHV Bank, totaling 40.3 million euros. This funding aims to support the construction of two ambitious development ventures—the Manufaktuuri Factory Phase I and Manufaktuuri 12—located in the vibrant Manufaktuuri quarter.
Progress on Manufaktuuri Factory Phase I
Specifically, Hepsor Phoenix 3 OÜ secured a loan of 33.3 million euros to kickstart the construction of the initial phase of the Manufaktuuri Factory at Manufaktuuri 5b. Alongside this agreement, they also signed a construction contract amounting to the same value with Mitt & Perlebach OÜ. This first phase is set to deliver 152 modern homes with an overall sales area of 10,420 m².
Timeline for Completion
Preparatory work for the construction is scheduled to commence in the forthcoming months, and the project is expected to be fully completed by the fourth quarter of 2027. The Manufaktuuri Factory represents the most extensive development project in the history of Hepsor, emphasizing the transformation of a former industrial area into a vibrant and diverse urban environment.
A Unique Urban Space
Hepsor's visionary project is not just a major milestone for the company, but also a pivotal development for the Tallinn area. The Manufaktuuri Factory promises to bring a unique historical ambiance blended with modern living to its future residents. Mihkel Mäger, the Country Manager for Estonia, emphasizes the project’s importance in creating a technically advanced and sustainable living environment that defines the heart of the new campus.
Residential Development at Manufaktuuri 12
In addition to the factory, Hepsor Phoenix 4 OÜ has entered into a separate loan agreement worth 7 million euros with AS LHV Bank to fund the residential development at Manufaktuuri 12. This project includes two apartment buildings totaling 49 apartments and a saleable area of 3,090 m². Construction activities are projected to begin in mid-2025, with completion anticipated in the latter half of 2026.
Collaboration with Tolaram Group
The vision for the Manufaktuuri quarter is being brought to life through a collaboration between Hepsor and Tolaram Group. As an ongoing testament to their commitment to development, 421 homes have already been completed within the Sitsi Õunaaed and M7 developments, boasting an impressive sales rate of 96%.
Strategic Milestones Ahead
The recent agreements signal a significant milestone for Hepsor and the overall development of the Manufaktuuri quarter. Over the next two years, the collective efforts will facilitate the construction of 201 new homes per quarter, reaffirming Hepsor’s dedicated role in shaping modern living spaces.
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: martti@hepsor.ee
Hepsor AS (Tallinn:HPR1T) specializes in residential and commercial real estate development across Estonia, Latvia, and Canada. With over fourteen years in operation, Hepsor has achieved remarkable milestones, creating 2,076 homes and nearly 36,300 m² of commercial properties. As a pioneer in the Baltic region, they have introduced innovative, energy-efficient, and environmentally-friendly building solutions, currently managing a portfolio of 25 development projects covering 178,200 m².
Frequently Asked Questions
What is the Manufaktuuri Factory project?
The Manufaktuuri Factory project is a significant development that aims to create residential living spaces in a formerly industrial area, emphasizing modernity and sustainability.
Who are the key partners involved in the development?
Hepsor is collaborating with Tolaram Group to develop the Manufaktuuri quarter, enhancing urban living through innovative projects.
When is the anticipated completion of the Manufaktuuri Factory?
The first phase of the Manufaktuuri Factory is expected to be completed by the fourth quarter of 2027.
What other projects is Hepsor working on?
Hepsor is also developing the Manufaktuuri 12 residential project, which is set to include 49 apartments, with completion scheduled for the second half of 2026.
How many homes will be developed in the Manufaktuuri quarter?
Hepsor plans to construct 201 new homes per quarter over the next two years within the Manufaktuuri quarter.
