Mainor Ülemiste, SEB Bank and Luminor Bank signed a syndicated loan agreement, which provides for the refinancing of a EUR 39.8 million loan taken from SEB Bank for the development of the Öpik quarter in 2018 and adds an additional EUR 24.3 million for the construction of the Alma Tomingas building.

At the beginning of December, the construction of the Alma Tomingas office building began in Ülemiste City (at Sepise tn 7), in the construction of which a total of over EUR 30 million will be invested. The syndicate created by SEB and Luminor – one of the largest banks in the Baltics – will contribute to the financing of the construction of the green building, which will place the focus on the health of the employees, to jointly support the continued development of Ülemiste City.

 ‘Ülemiste City has grown rapidly and in various ways in recent years: a Health Centre and our first apartment building have opened their doors, the educational cluster has significantly improved, and several new services have been added’, said Margus Nõlvak, Chairman of the Management Board of Mainor Ülemiste.

‘Construction of the Alma Tomingas building at this unusual time has proved to be the right decision. The new innovative talent-focused solution that will be created has aroused great interest, and a lease agreement has already been signed with a large international technology company.

All this shows that investing in our people and creating a healthy work environment is perhaps more important for businesses now than ever before.’ Artjom Sokolov, Head of Corporate Banking at SEB: ‘In today’s world, the work environment is no longer just an office space, but the entire ecosystem around it.

It brings SEB great pleasure to support the next phase of Mainor Ülemiste’s expansion in Ülemiste City, which is becoming one of Tallinn’s most comprehensive knowledge-based business environments. Mainor Ülemiste is a definitive visionary for the overall development of this region.’

According to Monika Kallas, Luminor’s Head of Corporate Banking in Estonia, Mainor Ülemiste has shown extreme innovation in how to develop the environment according to the needs of talents. ‘As with Luminor, the key keywords in the development of Ülemiste City are focus, curiosity and cooperation.

On the one hand, the focus is on building a smarter future, and on the other hand, inquisitiveness on how to do things more innovatively. Cooperation between the campus’s developers, entrepreneurs and residents is also important. As the Ülemiste City project was in line with both our values and our strategic business direction, we found it reasonable to help make the vision a reality,’ said Kallas.