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Technopolis to Acquire Campus in Otaniemi, Espoo

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Post# of 301275
Posted On: 10/25/2013 7:45:20 AM
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Posted By: News Desk 2018
Technopolis to Acquire Campus in Otaniemi, Espoo

TECHNOPOLIS PLC                  STOCK EXCHANGE RELEASE              October 25, 2013 at 2.30 p.m. Technopolis to Acquire Campus in Otaniemi, Espoo Technopolis has signed an agreement to acquire the Falcon Business Park (“Falcon”) in Otaniemi, Espoo, from companies owned by a fund managed by Aberdeen Asset Management. The company announced its intention to acquire Falcon on October 11, 2013, and that it was investigating the possibility to execute the acquisition as a joint venture with a co-investor. The negotiations with the co-investor have ended, and Technopolis will execute the acquisition alone. The total investment, including transfer taxes, is EUR 77.5 million, and the closing of the transaction is expected to take place in two parts before year-end 2013. The closing of the deal is subject to the fulfillment of a number of normal conditions. The acquisition will be financed using Technopolis’ existing credit facilities.   Technopolis plans to integrate Falcon and Innopoli into a single 60,800 sqm campus with a shared infrastructure, property management and services. The initial yield on the Falcon campus is estimated at 7.4% and the stabilized yield at 7.8%. The market yield is 7.0%. Technopolis will get a three-year rental guarantee on vacant space from the sellers. The guarantee will raise the effective financial occupancy rate to approximately 97% at the point of purchase and will gradually decline during the guarantee period. The company estimates that the Falcon acquisition will increase the Group’s net sales in 2014 by EUR 6.7 - 7.0 million and EBITDA by EUR 5.6 - 5.9 million. Additional information on the campus: www.technopolis.fi/falcon-en Technopolis Plc Keith Silverang CEO Tel. +358 40 566 7785 Technopolis Plc is a listed real estate company that specializes in leasing space and providing services. Its core business idea is to combine business support services with modern, flexible, multi-user business environments. There are approximately 26,000 people and almost 1,400 companies and organizations in Technopolis premises in Finland, Russia, Estonia and Vilnius. The company’s net sales for 2012 totaled EUR 107.3 million and its EBITDA was EUR 55.8 million. The Technopolis Plc share (TPS1V) is listed on NASDAQ OMX Helsinki. Distribution: NASDAQ OMX Helsinki Main news media www.technopolis.fi



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