Hepsor and Tolaram continue their cooperation in the Manufaktuuri quarter

Core Viewpoint - Hepsor AS and AS Phoenix Land have established a joint venture to develop the next phase of the Manufaktuuri quarter in Tallinn, focusing on residential and commercial real estate development [1][2][4]. Group 1: Joint Venture Details - The new joint venture, Hepsor PHX5 OÜ, is equally owned by Hepsor AS and AS Phoenix Land, with a non-monetary contribution of EUR 5.8 million from AS Phoenix Land [2]. - The joint venture will initiate the development of the property located at Manufaktuuri 3, which has a valid detailed plan [3]. Group 2: Development Plans - An architectural competition is planned to determine the best design solution for the high-rise building, which can be up to 60 storeys tall [3]. - The Manufaktuuri quarter is expected to include approximately 1,100 homes and commercial premises in the future [6]. Group 3: Previous Developments - This project marks the fifth development in the Manufaktuuri quarter, with previous projects having completed 421 homes, 97% of which have been sold [5]. - Ongoing projects include the first phase of the Manufaktuuri Vabrik project, which will add 152 new homes, and the M12 development project, which will complete 49 new homes [5]. Group 4: Company Background - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada, with a portfolio of 25 development projects totaling 178,200 m² [6]. - The company has created 2,003 homes and nearly 44,787 m² of commercial space over fourteen years, implementing innovative engineering solutions for energy efficiency [6].