technopolis investor brunch · 2015-11-09 · share price 9/2010-9/2011 (peers scaled) 5,50 4,50...
TRANSCRIPT
Tec
hnop
olis
Inv
esto
r Bru
nch
Se
ptem
ber
16, 20
11
Kei
th S
ilver
ang,
CEO
TECH
NO
POLI
S G
RO
UP
Q
2/20
11
Tec
hnop
olis
Gro
up
•Bus
ines
s en
viro
nmen
ts &
ser
vice
s
for
know
ledg
e-in
tens
ive
com
pani
es
•An
inte
rnat
iona
lly s
cala
ble
serv
ice
&
selli
ng c
once
pt
•O
pera
ting
as
a ch
ain
on 1
8 ca
mpu
ses
in 1
0 ci
ties
in 3
cou
ntries
•1
300
cust
omer
s em
ploy
ing
roug
hly
20 0
00 p
eopl
e
•61
1 20
0 m
2 of
spa
ce in
use
and
un
der
cons
truc
tion
•A p
rofit
able
gro
wth
com
pany
ove
r th
e bu
sine
ss c
ycle
How
Are
We
Doi
ng?
•W
e’v
e g
row
n p
rofita
bly
over
the c
ycl
e -
de
sp
ite m
acro
econ
omic
in
stab
ility
– a
nd w
e w
ill c
on
tin
ue t
o do
so
•O
ur c
once
pt w
orks
– c
onsi
sten
tly
high
occ
upan
cy &
NO
I, h
ealthy
re
nts
& s
ervi
ce r
even
ues
•Cus
tom
er &
geo
grap
hic
port
folio
div
ersi
ficat
ion
has
mad
e go
od
prog
ress
and
we
expe
ct it
to
cont
inue
•W
e w
ill c
ontinu
e to
exp
and
stro
ngly
in n
ew s
ecto
rs, es
peci
ally
he
alth
care
& e
duca
tion
•O
ur p
ipel
ine
will
gen
erat
e he
alth
y or
gani
c gr
owth
for
yea
rs
•W
e no
w h
ave
clea
r pr
oof
our
conc
ept
wor
ks o
utsi
de F
inla
nd
•O
ur o
wne
rs &
lend
ers
are
com
mitte
d to
rob
ust
dom
estic
&
inte
rnat
iona
l gro
wth
•It
’s o
ur
share
price
that
needs
work
!
Fair V
alue
of
Inve
stm
ent
Prop
erties
0
100
200
300
400
500
600
700
800
2006
2007
2008
2009
2010
EU
R m
illio
n
Sale
s &
Ear
ning
s
020406080100
2006
2007
2008
2009
2010
2011
EU
R
mil
lio
n
Ne
t S
ale
s 2
00
6 -
20
10
Net
Sal
esN
et S
ales
gui
danc
e 11
-13%
01020304050
2006
2007
2008
2009
2010
2011
EU
R
mil
lio
n
EB
ITD
A 2
00
6 -
20
10
EBIT
DA
EBIT
DA g
uida
nce
11-1
3%
Cus
tom
er B
reak
dow
n
24
%
16
%
16
%
14
%
13
%
12
%
5 %
O
ther
Ind
ustr
ies
Serv
ices
Elec
tron
ics
IT S
ervi
ces
Publ
ic S
ecto
r
Soft
war
e
Life
Sci
ence
67
%
24
%
9%
Oulu
HM
ALa
ppee
nran
ta
28
%
21
%
14
%
10
%
9 %
4 %
6 %
8%
Oul
u
HM
A
Tam
pere
Kuo
pio
Jyvä
skyl
ä
Lapp
eenr
anta
St. Pe
ters
burg
Tal
linn
Tec
hnop
olis
Sites
by
Reg
ion
Q2
/2
01
1
•Fa
ir m
arke
t va
lue
of in
vest
men
t pr
oper
ties
and
prop
ertie
s un
der
cons
truc
tion
EU
R 8
40,3
mill
ion
•N
et m
arke
t yi
eld
of in
vest
men
t pr
oper
ties
30.6
.201
1 8,
1 %
Q4
/2
00
5
•Fa
ir m
arke
t va
lue
of in
vest
men
t pr
oper
ties
EU
R 2
49,3
mill
ion
Pipe
line
* Pr
e-le
t ra
te
A
ll space
in s
urf
ace
-m2
Co
mp
lete
d P
roje
cts
A
rea
m
2
In
ve
stm
en
t E
UR
mil
lio
n O
ccu
pa
ncy
Co
mp
lete
d
Pulk
ovo
1 St
. Pe
ters
burg
24
.100
52
,8
98,8
% *
6/
2011
Hel
sink
i-Va
ntaa
5B
Vant
aa
2.90
0 6,
0 10
0%
5/20
11
To
tal
2
7.0
00
5
8,8
--
-
---
---
---
---
---
Un
de
r C
on
str
ucti
on
A
rea
m
2
In
ve
stm
en
t E
UR
mil
lio
n O
ccu
pa
ncy
Ju
ne
30
, 2
01
1
Du
e f
or
Co
mp
leti
on
Finn
-Med
i Cam
pus
Ta
mpe
re
12.9
00
31,5
96
%
11/2
011
Ruo
hola
hti 2
H
elsi
nki
9.00
0 27
,7
14%
5/
2012
Ylio
pist
onrinn
e 2
Tam
pere
7.
900
22,5
31
%
9/20
12
Inno
va 2
Jy
väsk
ylä
9.
200
19,8
42
%
2/20
12
Her
mia
15B
Ta
mpe
re
4.80
0 10
,8
88%
1/
2012
Vie
stik
atu
2B
Kuo
pio
3.40
0 3,
9 61
%
1/20
12
To
tal
4
7.2
00
1
16
,2
---
--
- --
- --
- --
- --
-
Pla
nn
ed
pro
jects
A
rea
m
2
Sta
tus
E
sti
ma
ted
sta
rt
Pulk
ovo
2
St. Pe
ters
burg
22
.400
Pl
anni
ng
2011
– 2
012
Üle
mis
te L
õõts
a 8
Talli
nn
7.20
0 I
nvet
smen
t dec
isio
n 20
11
To
tal
2
9.6
00
Tec
hnop
olis
Inv
estm
ent
Crite
ria
• Exc
elle
nt lo
cation
s in
gro
wth
hub
s
• G
ood
qual
ity,
fle
xibl
e st
andi
ng a
sset
s ge
nera
ting
pos
itiv
e
cash
flo
w
• Critica
l mas
s, a
t le
ast
in t
he 4
0,00
0-50
,000
sqm
ran
ge
• Add
itio
nal b
uild
ing
righ
ts t
o al
low
fur
ther
dev
elop
men
t
• W
ell b
alan
ced
know
ledg
e-in
tens
ive
clie
nt m
ix
• Cor
pora
te a
nd/o
r pu
blic
sec
tor
and/
or a
cade
mic
anc
hors
• Exp
erie
nced
, sk
illed
and
wel
l con
nect
ed loc
al t
eam
s
• Po
sitive
EPS
impa
ct
Shar
ehol
ders
on
Aug
ust
31, 20
11
Maj
or R
egis
tere
d Sh
areh
olde
rs
% o
f Sh
are
Cap
ital
N
umbe
r of
Sha
res
Varm
a M
utua
l Pen
sion
Ins
uran
ce C
ompa
ny
20,7
13
.144
.529
Ilm
arin
en M
utua
l Pen
sion
Ins
uran
ce C
ompa
ny
9,9
6.27
2.72
5 City
of
Oul
u 4,
8 3.
062.
925
City
of
Tam
pere
3,
1 1.
956.
649
Kic
koff a
nd J
yrki
Hal
likai
nen
1,7
1.08
8.00
0 The
Fin
nish
Cul
tura
l Fou
ndat
ion
1,1
712.
826
OD
IN F
inla
nd F
und
1,1
680.
798
SITRA F
inni
sh N
atio
nal F
und
for
Res
earc
h an
d D
evel
opm
ent
1,1
666.
036
OP-
Pohj
ola
Gro
up (
indi
rect
hol
ding
) 1,
0 66
0.95
4 La
akko
nen
Mik
ko
1,0
638.
714
Tota
l 45
,6
28.8
84.1
56
Citie
s To
tal
10,5
6.
671.
839
Nom
inee
Reg
iste
red
30,8
19
.509
.111
BN
P Pa
riba
s In
vest
men
t Pa
rtne
rs in
dire
ct h
oldi
ng J
une
1, 2
010
> 1
0,0
6.57
9.00
0
All
Shar
es T
otal
10
0,0
63.3
85.0
44
Shar
e Pr
ice
9/20
10-9
/201
1 (p
eers
sca
led)
2,50
3,50
4,50
5,50 01
.09.
2010
01.1
2.20
1001
.03.
2011
01.0
6.20
1101
.09.
2011
Eur
/Shar
e
Tec
hnop
olis
City
con
Spon
daKlö
vern
2011
Out
look
• M
arke
ts r
ecov
erin
g, u
ncer
tain
ty in
fin
anci
al m
arke
ts
• N
okia
eve
nts
will
not
impa
ct 2
011
finan
cial
per
form
ance
• Pu
lkov
o fil
led
by t
he e
nd o
f th
e ye
ar &
goo
d op
port
unitie
s to
boo
st g
row
th o
f T
echn
opol
is Ü
lem
iste
• N
et s
ales
& E
BIT
DA g
uid
ance
upg
rade
d to
+11
- 1
3 %
Rei
jo T
auriai
nen,
CFO
32
,5 %
35
,0 %
37
,5 %
40
,0 %
42
,5 %
Q2
/0
8Q
4/0
8Q
2/0
9Q
4/0
9Q
2/1
0Q
4/1
0Q
2/1
1
Equ
ity
Rat
io
36,3
%
Inte
rest
Cov
erag
e Rat
io a
nd L
oan
to V
alue
5,6
4
,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
Q2
/2
01
0Q
2/2
01
1
Inte
rest
Co
ve
rag
e R
ati
o
57,9
%
59,3
%
0,0
%
20
,0 %
40
,0 %
60
,0 %
Q2
/2
01
0Q
2/2
01
1
Lo
an
to
Va
lue
Bre
akdo
wn
of L
oans
Tota
l int
eres
t-be
arin
g lia
bilit
ies
Q2/
2011
EU
R 5
02,2
mill
ion
88
%
7%
2%
3
%
Ban
k Lo
anLe
asin
g D
ebt
Com
mer
cial
pap
ers
Che
que
Lim
it +
oth
ers
Net
Mar
ket
Yie
lds,
%
HM
A =
Hel
sink
i Met
ropo
litan
Are
a
GRO
UP
FIN
LAN
D
Oul
u
HM
A
Jyvä
skyl
ä
Kuo
pio
Lapp
eenr
anta
Tam
pere
TALL
INN
ST. PE
TERSB
URG
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
10,0
%11
,0%
Net
Ren
tal Y
ield
%
Net
Ren
tal Y
ield
% =
Tot
al R
enta
l Inc
ome
from
Inv
estm
ent
Prop
ertie
s-D
irec
t Cos
ts
Fa
ir M
arke
t Va
lue
of I
nves
tmen
t Pr
oper
ties
7,0
%
7,2
%
7,4
%
7,6
%
7,8
%
8,0
%
Q1/
09Q
2/09
Q3/
09Q
4/09
Q1/
10Q
2/10
Q3/
10Q
4/10
Q1/
11Q
2/11
Mar
ko J
ärvi
nen,
D
irec
tor
Finn
ish
Ope
ration
s
TECH
NO
POLI
S
Con
cept
and
Se
rvic
es
Solu
tion
s fo
r Cus
tom
ers
Tec
hnop
olis
con
cept
•
Com
bine
s pr
emis
es a
nd s
ervi
ces
into
a p
acka
ge h
elpi
ng t
he
cust
omer
to
focu
s on
the
ir c
ore
•
Supp
orts
cus
tom
ers'
gro
wth
and
inte
rnat
iona
lizat
ion
thro
ugh
inte
ract
ions
and
tran
sact
ions
•H
elps
to s
tream
line c
ust
om
er’s
oper
atio
ns m
ore
effic
ient
by
trim
min
g co
sts
and
redu
cing
en
viro
nmen
tal l
oads
•Fa
cilit
ates
loca
l and
inte
rnat
iona
l ne
twor
ks
•Cha
in o
f 17
exc
elle
ntly
loca
ted
busi
ness
en
viro
nmen
ts in
Oul
u, H
elsi
nki M
etro
polit
an
Are
a, J
yväs
kylä
, Kuo
pio,
Lap
peen
rant
a, O
ulu
and
Tam
pere
as
wel
l as
St. Pe
ters
burg
in
Rus
sia
and
Talli
nn in
Est
onia
•
Prem
ium
pre
mis
es w
ith f
loor
are
as o
f 6.
5 m
2 -
40,0
00 m
2
•
Flex
ibili
ty e
nsur
es t
hat
your
cus
tom
ers
alw
ays
have
acc
ess
to a
ppro
pria
te p
rem
ises
and
se
rvic
es
•
Fully
-tun
ed e
nviron
men
tal f
rien
dlin
ess
and
econ
omic
eff
icie
ncy
IN T
HE
BE
ST
LO
CA
TIO
NS
INT
HE
BE
ST
FO
R C
US
TO
ME
RS
TH
RO
UG
H
VE
RS
AT
ILE
SE
RV
ICE
S
FO
R C
US
TO
ME
RS
FO
R C
US
TO
ME
R’S
GR
OW
TH
AN
D
INT
ER
NA
TIO
NA
LIZ
AT
ION
FO
R C
USSSSSSSSSSS
TO
ME
R’S
The
Mar
ket
is C
hang
ing
Indu
stry
Tre
nds
•Know
ledg
e-in
tens
ive
soci
ety
with f
ragm
ente
d pa
rtne
r ne
twor
k
•G
loba
lizat
ion
of t
he
real
est
ate
and
rent
al m
arke
t
•Cos
t-ef
fect
iven
ess,
ada
ptab
ility
and
virt
ual
wor
king
co
mm
uni
ties
•Envi
ronm
enta
l aw
aren
ess
Tech
nopolis
’ D
irect
ion
•W
e lo
ok for
pro
fitab
le g
row
th a
nd in
tern
atio
naliz
atio
n
•W
e fo
cus
on k
now
ledg
e-in
tensi
ve e
nviron
men
ts
•W
e of
fer
the
cust
omer
uniq
ue v
alue-
adde
d so
lution
s
•Com
petito
rs im
itat
e ou
r co
ncep
t an
d w
e w
ill m
ove
forw
ard
– W
e di
ffer
entiat
e m
ore
than
eve
r
OU
TLO
OK O
N
FIN
NIS
H O
FFIC
E M
ARKET
Finn
ish
Off
ice
Mar
ket
Ove
rvie
w
(Sou
rce:
Cat
ella
Pro
pert
y M
arke
t Tre
nds
2011
Aut
umn)
Vac
ant
offic
e sp
ace
(%)
in H
MA in
pla
ces
Tec
hnop
olis
ope
rate
s
0,0%
5,0%
10,0
%
15,0
%
20,0
%
25,0
%
Ruo
hola
hti
Kei
lani
emi +
Ota
niem
iAvi
apol
is a
irpo
rt a
rea
Q4/
2009
Q2/
2010
Q4/
2010
Q2/
2011
Finn
ish
Off
ice
Mar
ket
Ove
rvie
w
Vac
ant
offic
e sp
ace
in g
row
th c
ente
rs a
nd t
he v
acan
cy r
ate
(%)
(Sou
rce:
Cat
ella
Pro
pert
y M
arke
t Tre
nds
2011
Aut
umn)
Kuo
pio
vaca
ncy
Q4/
09 3
,8%
, Q
2/10
6,0
%, Q
4/11
8,1
%
Finn
ish
Off
ice
Mar
ket
Ove
rvie
w
(Sou
rce:
Cat
ella
Pro
pert
y M
arke
t Tre
nds
2011
Aut
umn)
Are
a
Off
ice
sto
ck
fl
oo
r a
rea
m2
Re
nt
*
EU
R/m
2/m
on
th
(pri
me
)
Yie
ld*
%
(p
rim
e)
Oul
u
486.
000
12.0
–14
.0
7.0–
8.0
Hel
sink
i Met
ropo
litan
Are
a**
8.44
0.00
0 n/
a n/
a
Ruo
hola
hti
380.
000
22.0
6.
0–7.
0
Kei
lani
emi +
Ota
niem
i 35
0.00
0 21
.0
6.4–
8.0
A
viap
olis
airpo
rt a
rea
20
0.00
0 19
.0
7.0–
8.0
Tam
pere
82
9.00
0 13
.0–15
.5
6.75
–8.
0
Jyvä
skyl
ä 33
9.00
0 12
.0–15
.0
7.0–
8.5
Lapp
eenr
anta
n/
a n/
a n/
a Kuo
pio
30
9.00
0 12
.0–14
.0
7.75
–8.
75
* G
ross
ren
t. T
he f
ollo
win
g cr
iteria
have
bee
n us
ed for
ren
t le
vels
and
yie
lds:
mod
ern (
not
new
) or
ren
ovat
ed
city
-cen
ter
prem
ises
with
a g
ood
afte
rmar
ket,
ste
ady
anch
or t
enan
ts o
n 5–7
year
leas
es, in
itia
l yie
ld n
ot f
igur
ing
in r
enov
atio
ns
** V
ery
long
leas
es r
educ
e th
e yi
eld
by 0
.1–0.
3 pe
rcen
tage
poi
nts.
Est
imat
ed M
arke
t Sh
are
on O
ffic
e M
arke
t Q
2/20
11
7%
55%
18%
15%
1%
40%
0%20
%40
%60
%80
%10
0%
Tam
pere
Lapp
eenr
anta
Kuo
pio
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skyl
ä
HM
A
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u
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hnop
olis
Oth
er c
ompa
nie
s
Sour
ce o
f es
tim
ated
tot
al o
ffic
e sp
ace
in H
MA &
gro
wth
cen
ters
: Cat
ella
Pro
pert
y M
arke
t Tre
nds
2011
Aut
umn)
In
ve
stm
en
t p
rop
ert
ies
Ju
ne
30
, 2
01
1
Fa
ir v
alu
e,
EU
R
mil
lio
n
Ne
t yie
ld,
%
m2
Finl
and
Oul
u 23
6,4
8,3
192.
900
H
MA
170,
9 6,
8 77
.600
Jyvä
skyl
ä 71
,0
8,2
47.1
00
Kuo
pio
85,8
8,
3 53
.900
Lapp
eenr
anta
29
,5
8,8
27.3
00
Ta
mpe
re
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7,
4 52
.400
Fin
lan
d
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lan
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tota
l 6
77
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7,9
4
51
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0
Ru
ssia
S
t. P
ete
rsb
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4
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1
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nia
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1%
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are
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all
inn
6
2,5
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79
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Gro
up
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ve
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en
t p
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l 7
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5
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In
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nd
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ral
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olis
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asis
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ncia
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upan
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ate
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ropo
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pere
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2011
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reak
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n
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ther
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ence
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on T
ekni
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n Tu
tkim
uske
skus
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s o
f 30.6
.2011 t
he 2
0 larg
est
custo
mers
were
renting 3
6 %
of
the c
om
pany’s
space
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o s
ingle
com
pan
y g
enera
ted m
ore
than s
ix p
er
cent
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om
pan
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revenu
e
Pipe
line
* P
re-let
rate
A
ll space
in s
urf
ace
-m2
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mp
lete
d P
roje
cts
A
rea
m
2
In
ve
stm
en
t E
UR
mil
lio
n O
ccu
pa
ncy
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mp
lete
d
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ovo
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. Pe
ters
burg
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52
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6/
2011
Hel
sink
i-Va
ntaa
5B
Vant
aa
2.90
0 6,
0 10
0%
5/20
11
To
tal
2
7.0
00
5
8,8
--
-
---
---
---
---
---
Un
de
r C
on
str
ucti
on
A
rea
m
2
In
ve
stm
en
t E
UR
mil
lio
n O
ccu
pa
ncy
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ne
30
, 2
01
1
Du
e f
or
Co
mp
leti
on
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-Med
i Cam
pus
Ta
mpe
re
12.9
00
31,5
96
%
11/2
011
Ruo
hola
hti 2
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elsi
nki
9.00
0 27
,7
14%
5/
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Ylio
pist
onrinn
e 2
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pere
7.
900
22,5
31
%
9/20
12
Inno
va 2
Jy
väsk
ylä
9.
200
19,8
42
%
2/20
12
Her
mia
15B
Ta
mpe
re
4.80
0 10
,8
88%
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stik
atu
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pio
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0 3,
9 61
%
1/20
12
To
tal
4
7.2
00
1
16
,2
---
--
- --
- --
- --
- --
-
Pla
nn
ed
pro
jects
A
rea
m
2
Sta
tus
E
sti
ma
ted
sta
rt
Pulk
ovo
2
St. Pe
ters
burg
22
.400
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anni
ng
2011
– 2
012
Üle
mis
te L
õõts
a 8
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nn
7.20
0 I
nves
tmen
t dec
isio
n 20
11
To
tal
2
9.6
00
Poss
ible
Gro
wth
Pro
ject
s P
roje
ct
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e
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y
Gro
ss m
2
City
2
Dow
ntow
n O
ulu
10.0
00
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poli
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pus
HM
A
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0
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aa 6
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rt
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A
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0
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stik
atu
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Cam
pus
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pio
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00
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atu
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pus
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pio
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0
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roka
tu 7
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pus
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va 3
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ownt
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Jyvä
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000
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uden
auki
o 2
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ntow
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ppee
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ta
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0
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pus
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pere
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Pulk
ovo
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rt
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ters
burg
22
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rt
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nn
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00
Cam
pus =
Univ
ers
ity c
am
pus p
roxim
ity
Tec
hnop
olis
Oul
u
•W
ill b
e pr
esen
ted
by J
uha
Juntu
nen
Thr
ee im
pres
sive
bus
ines
s en
viro
nmen
ts
in t
he h
eart
of
busi
ness
.
•T
ech
no
po
lis I
nn
op
oli,
an in
nova
tive
busi
ness
env
iron
men
t in
the
cor
e of
the
larg
est
tech
nolo
gy c
omm
unity
in
Finl
and:
Ota
niem
i, Esp
oo
•T
ech
no
po
lis H
els
ink
i-V
an
taa,
loca
tion
next
to
the
inte
rnat
iona
l airpo
rt o
ffer
s ea
sy
conn
ectio
ns a
broa
d •
Te
ch
no
po
lis R
uo
ho
lah
ti,
a ne
w a
nd s
tylis
h bu
sine
ss e
nviron
men
t ne
xt t
o go
od t
raff
ic
conn
ectio
ns,
near
the
Län
sivä
ylä
high
way
Com
plet
ed p
rem
ises
in p
rim
e lo
catio
ns a
mou
nt t
o
77.1
00 m
2 , w
ith 9
.000
m2
unde
r co
nstr
uctio
n in
Ruo
hola
hti.
Vers
atile
por
tfol
io o
f pr
emiu
m p
rem
ises
and
se
rvic
es in
eig
ht lo
catio
ns c
lose
to
the
city
ce
nter
.
•T
ech
no
po
lis I
nn
ova,
a lo
gist
ical
ly e
xcel
lent
so
lutio
n in
the
imm
edia
te v
icin
ity o
f th
e tr
avel
ce
nter
and
the
city
cen
ter.
The
new
Inn
ova
2 w
ill b
e co
mpl
ete
in s
prin
g 20
12!
•T
ech
no
po
lis O
hje
lma
ka
ari
and
Y
listö
nm
äe
nti
e loc
atio
ns f
eatu
re g
ood
and
quie
t pr
emis
es f
or s
tart
-ups
and
long
-es
tabl
ishe
d co
mpa
nies
•
Te
ch
no
po
lis A
go
ra,
a re
sear
ch c
ente
r fo
r hu
man
e in
form
atio
n te
chno
logy
and
mee
ting
plac
e fo
r co
mpa
nies
and
the
uni
vers
ity
•T
ech
no
po
lis S
urv
on
tie,
offic
e pr
emis
es
with
a m
agni
ficen
t la
kesi
de v
iew
in c
lose
co
nnec
tion
with
the
Uni
vers
ity o
f Jy
väsk
ylä
•T
ech
no
po
lis V
ive
ca, ce
nter
for
com
pani
es
in t
he f
ield
s of
wel
lbei
ng a
nd s
port
s re
sear
ch
Mor
e th
an 5
6.00
0 m
2 of
spa
ce for
suc
cess
. 15
0 co
mpa
nies
and
org
aniz
atio
ns in
two
loca
tions
. •
Te
ch
no
po
lis M
icro
ka
tu
•T
ech
no
po
lis V
iesti
ka
tu
In t
he im
med
iate
vic
inity
of
the
univ
ersi
ty,
univ
ersi
ty h
ospi
tal an
d va
riou
s re
sear
ch
inst
itute
s.
Mor
e th
an 3
0 sp
ecia
l lab
orat
orie
s ar
e lo
cate
d in
th
e Te
chno
polis
Kuo
pio
prem
ises
. The
str
ateg
y of
str
ong
grow
th is
impl
emen
ted
in K
uopi
o.
Two
succ
ess-
prom
otin
g bu
sine
ss e
nviron
men
ts
in t
he m
ost
cent
ral l
ocat
ions
in
the
city
. •
Te
ch
no
po
lis S
kin
na
rila
Nex
t to
the
La
ppee
nran
ta U
nive
rsity
of
Tech
nolo
gy a
nd
the
Saim
aa U
nive
rsity
of
App
lied
Scie
nces
. M
ore
than
8,0
00 s
tude
nts
in a
ll, a
nd
exte
nsiv
e re
sour
ces
in R
&D
and
rec
ruiti
ng
expe
rts
•T
ech
no
po
lis V
ap
au
de
na
uk
io,
the
best
m
eetin
g pl
ace
for
com
pani
es in
the
city
ce
nter
Tech
nopo
lis L
appe
enra
nta
and
its p
artn
ers
spec
ializ
e in
ass
istin
g co
mpa
nies
in t
heir
busi
ness
ope
ratio
ns r
elat
ing
to R
ussi
a.
Thr
ee c
ampu
ses
with
a t
otal
of
over
53
.000
m2
of h
igh-
qual
ity o
ffic
e pr
emis
es
com
plet
ed o
r un
der
cons
truc
tion.
•
Te
ch
no
po
lis H
erm
ia, a
dyna
mic
bus
ines
s en
viro
nmen
t fo
r co
mpa
nies
in I
CT,
mac
hine
m
anuf
actu
re,
auto
mat
ion
tech
nolo
gy a
nd
lase
r te
chno
logy
•
Te
ch
no
po
lis F
inn
me
di, a
cam
pus
for
wel
lbei
ng s
ervi
ces
and
life
scie
nces
•
Te
ch
no
po
lis Y
lio
pis
ton
rin
ne,
a to
p m
eetin
g pl
ace
for
expe
rt s
ervi
ces
and
popu
lar
venu
e fo
r ev
ents
Bus
ines
s Zo
ne in
Ylio
pist
onrinn
e: c
omfo
rtab
le
wor
king
spa
ce for
an
hour
, a
day,
or
mon
ths.
Juha
Jun
tune
n, D
irec
tor
O
ulu
Ope
ration
s
TECH
NO
POLI
S O
ULU
Oul
u M
arke
t O
verv
iew
(S
ourc
e: C
atel
la P
rope
rty
Mar
ket
Tre
nds
2011
)
Pro
pe
rty S
tock
Ou
lu
m2
Off
ice
486.
000
Ret
ail
647.
000
Prod
ucio
n &
War
ehou
se
1.08
4.00
0 T
OT
AL
2.2
17
.00
0
Re
nta
l Le
ve
ls,
EU
R/m
2/m
on
th
Ou
lu
Off
ice
R
eta
il
Pro
du
cio
n &
W
are
ho
use
City
Cen
tre
(prim
e)
10-1
3.5
40-8
5 City
Cen
tre
10-1
2 13
.5-2
2 City
Cen
tre
(out
er)
10-1
2 10
-17
Linn
anm
aa
10-1
5 Li
min
gant
ulli
8-10
8-
12
6-7
Tuira
8-10
8-
12
Rus
ko
8-11
6-7
Finn
ish
Off
ice
Mar
ket
– V
acan
cies
(S
ourc
e: C
atel
la P
rope
rty
Mar
ket
Tre
nds
2011
Aut
umn)
8,3
% -
Q4/2
010
-
Q2/2
011
Tec
hnop
olis
Oul
u The
larg
est
unit
of T
echn
opol
is
Oul
u is
the
gro
wth
cen
ter
of n
orth
ern
Finla
nd
•T
ech
no
po
lis L
inn
an
ma
a
-
cam
pus
of U
nive
rsity,
VTT a
nd
c
ompa
nies
- on
e of
the
mos
t si
gnifi
cant
dev
elop
men
t ce
nte
rs o
f te
chnol
ogy
in
F
inla
nd
•T
ech
no
po
lis A
irp
ort
- ai
rpor
t bu
sine
ss p
ark
-
dyna
mic
tec
hnol
ogy
cente
r
•T
ech
no
po
lis C
ity C
en
ter
-
city
cen
ter
busi
ness
par
k
•T
ech
no
po
lis K
on
tin
ka
ng
as
-
med
icin
e an
d so
ftw
are
deve
lopm
ent
c
ampu
s be
side
Uni
vers
ity
hosp
ital
•T
ech
no
po
lis L
aa
nil
a
-
wat
er a
nd e
nvi
ronm
ent
sect
or
Tec
hnop
olis
Oul
u
Te
ch
no
po
lis O
ulu
O
ffic
e
Pro
du
cti
on
m
2
Co
mp
leti
on
Ye
ar
Tech
nop
olis
Lin
nan
maa
11
1.20
0 8.
700
119.
900
1986
-200
1 Te
chnop
olis
Airpo
rt
7.50
0 14
.600
22
.100
20
00
Tech
nop
olis
City
Cen
ter
12.5
00
12.5
00
2006
Te
chnop
olis
Kon
tink
anga
s 27
.000
27
.000
19
92-2
009
Tech
nopo
lis L
aani
la
11.4
00
11.4
00
1956
,196
4 O
ther
s 1.
400
1.40
0 -
TO
TA
L
17
1.0
00
2
3.3
00
1
94
.30
0
•M
ore
than 2
50 c
om
panie
s opera
te in T
ech
nopolis
’ pre
mis
es
It’s
Not
All
Abo
ut N
okia
•N
okia
’s s
hare
of
gro
up n
et
sale
s w
ill d
ecl
ine u
nder
4 %
at
the e
nd
of t
he y
ear
•N
okia
at
the
begi
nnin
g of
the
yea
r 37
.000
m2
and
at t
he b
egin
ning
of
nex
t ye
ar 1
7.00
0m2
•The
str
uctu
ral c
hang
e ha
s no
t m
ater
ializ
ed,
occu
panc
y ra
te in
Tec
hnop
olis
Oul
u ha
s in
crea
sed
from
91,
7% (
Dec
embe
r 20
10)
to
92,8
% (
June
201
1)
•Po
sitive
sig
nals
and
new
con
trac
ts e
.g.
Ren
esas
Mob
ile E
urop
e, O
P-Po
hjol
a G
roup
, U
ros,
Mas
ter
Aut
omat
ion,
Cou
ncil
of O
ulu
regi
on
•St
art-
ups
and
SME a
ctiv
ity
pick
ing
up
•N
ew c
usto
mer
s ha
ve p
ositiv
e im
pact
with
long
er lea
se p
erio
ds a
nd
with
mor
e so
ld s
ervi
ces
•As
a re
sult b
road
er c
usto
mer
bas
e w
ith
high
er lea
se s
tock
Ger
t Jo
stov
, D
irec
tor
Est
onia
n O
pera
tion
s
G
EN
ERAL
M
ARKET
O
VERVIE
W
GERT J
OST
OV
Overa
ll E
conom
ic S
ituation
-18%
-14%
-10%
-6%
-2%
2%
6%
10%
14%
18%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011f
2012f
2013f
2014f
2015f
-18%
-14%
-10%
-6%
-2%
2%
6%
10%
14%
18%
GD
P c
ha
ng
e,
%In
fla
tio
n,
%U
ne
mp
loy
me
nt
rate
, %
So
urc
e: B
an
k O
f E
sto
nia
, M
inis
try o
f F
ina
nce
Dynam
ics o
f O
ffic
e S
pace in T
allin
n
Aft
er t
he
first
hal
f of
200
9, w
hen
app
rox
51,7
00 s
qm o
f th
e new
supp
ly e
nte
red
the
mar
ket,
the
deve
lopm
ent
in
Tal
linn
offic
e m
arke
t an
d su
pply
of
new
pr
oper
ties
ha
s st
oppe
d du
e to
un
favo
urab
le e
cono
mic
situat
ion,
ove
rsupp
ly o
f of
fice
prem
ises
, hi
gh c
ost
or a
bsen
ce o
f liq
uidi
ty
in t
he m
arke
t an
d th
e to
tal of
fice
stoc
k in
Tal
linn in t
he f
irst
hal
f of
201
0 re
mai
ned
at t
he lev
el
of 4
73,5
00 s
qm.
0
50
100
150
200
250
300
350
400
450
500
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011F
2012F
Sqm ( 000s)
Tota
l Sto
ck
New
Constr
uction
Expecte
d C
onstr
uction
Built
-to-S
uit
0
50
100
150
200
250
300
350
400
450
500
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Sqm (000s)
B2
Cla
ss
B1
Cla
ss
A C
lass
Dis
trib
ution a
nd D
ynam
ics o
f Specula
tive O
ffic
e S
pace in T
allin
n
By
the
first
hal
f of
of
201
1, C
lass
A
prem
ises
ac
coun
ted
for
abou
t 10
pe
rcen
t (4
9,40
0 sq
m)
of
the
tota
l st
ock
of
spec
ulat
ive
(not
bu
ilt-t
o-su
it)
offic
e bu
ildin
gs in
Tal
linn,
Cla
ss
B1
for
54
perc
ent
(254
,900
sq
m),
an
d Cla
ss
B2
for
36
perc
ent
(169
,200
sqm
) of
tot
al s
tock
.
10
%
54
%
36
%
Cla
ss A
Cla
ss B
1C
lass B
2
26
10
14
18
22
26
20
05
20
06
20
07
20
08
20
09
20
10
20
11
EUR
Cla
ss A
Cla
ss B
1C
lass B
2
Dynam
ics o
f Rent
Rate
s in T
allin
n
Cla
ss
Askin
g
Ren
t R
ate
s
in 1
H 2
01
1
Tren
ds f
or
20
11
-12
A
10.5
-16.0
→
&
B1
6.4
-10.6
→
&
B2
3.2
-6.5
→→
Dynam
ics o
f Vacancy R
ate
in
Tallin
n,
2005-2
011
0%
5%
10%
15%
20%
25%
30%
35%
Jan
2005
June
2005
Jan
2006
June
2006
Jan
2007
June
2007
Jan
2008
June
2008
Jan
2009
June
2009
Jan
2010
June
2010
Jan
2011
June
2011
Cla
ss A
Cla
ss B
To
tal
Offic
e Y
ield
Dynam
ics in T
allin
n
8,5
%
0%
2%
4%
6%
8%
10%
12%
14%
02-
03
2004
2005
2006
2007
2008
2009
2010
1H
2010
2H
Jan
2011
Jun
2011
Off
ice Y
ield
Tenants
Str
uctu
re o
f Tallin
n O
ffic
e
Mark
et
Shar
e of
maj
or t
enan
ts s
egm
ents
by
leas
ed s
pecu
lativ
e of
fice
spac
e in
Tal
linn
as o
f 20
10
23
%
6% 6%
7%
11
%
13
%
34
%
In
form
ati
on
an
d c
om
mu
nic
ati
on
Pro
fessio
na
l, s
cie
nti
fic a
nd
te
ch
nic
al
acti
vit
ies
Fin
an
cia
l a
nd
in
su
ra
nce
acti
vit
ies
Pu
blic a
dm
inis
tra
tio
n a
nd
de
fen
ce
Tra
nsp
orta
tio
n a
nd
sto
ra
ge
Ad
min
istr
ati
ve
an
d s
up
po
rt
se
rvic
ea
cti
vit
ies
Oth
er s
ecto
rs
Fin
an
ce
8%
IT
an
d H
igh
Te
ch
29
%
Ma
nu
factu
rin
g,
In
du
str
ial a
nd
En
erg
y
26
%
Re
se
arch
an
d
He
alt
hca
re
-
re
late
d s
ecto
rs
6%
Oth
er
20
%
Co
nsu
lta
ncy
10
%
Off
ice
Tak
e-up
(%
) by
ten
ant
Sect
or in
20
10
The
hig
hes
t co
ntribu
tion
to
take
-up
volu
me
in
2010
ca
me
from
co
mpa
nies
in t
he
IT a
nd H
igh T
ech
sect
or
(29%
) an
d th
e M
anufa
cturing
, In
dus
tria
l an
d
Ene
rgy
sect
or (
26%
). C
ompa
nies
in
the
Finan
ce
and
Con
sultat
ion
sect
ors
occu
pied
8%
an
d 10
%
resp
ectiv
ely
of t
otal
tak
e-up
.
The
dis
trib
utio
n o
f le
asin
g ac
tivity
by
se
ctor
sh
ows
that
th
e IT
an
d
com
mun
icat
ion se
ctor
fo
llow
ed by
m
anufa
ctur
ing
and
tran
spor
tatio
n-
war
ehou
sing
sec
tors
con
tinue
to b
e th
e la
rges
t us
ers
of le
asin
g se
rvic
es
in t
he
first
hal
f of
201
1 in
Tal
linn
(and
its
subu
rbs)
. Com
pare
d w
ith
2010
, hi
gher
con
trib
utio
n t
o ta
ke-
up
volu
me
in
2011
co
mes
fr
om
com
pani
es in
the
Fin
ance
sec
tor.
Talli
nn O
ffic
e M
arke
t M
ap
CB
DC
BD
Abs
orpt
ion
and
Ave
rage
Ask
ing
Ren
t Rat
es 2
004-
2011
-15 0
00
-5 0
00
5 0
00
15 0
00
25 0
00
35 0
00
45 0
00
55 0
00
65 0
00
2004
2005
2006
2007
2008
2009
2010
2011
sqm
0246810
12
14
16
EUR
Absorp
tion
Avera
ge R
ent
Rate
s
Tal
linn
Off
ice
Mar
ket
Cap
acity
2005
-201
5
0
100
200
300
400
500
600
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Talli
nn o
ffic
e st
ock
Off
ice
mar
ket
capa
city
Tak
ing
into
acc
ount
diff
eren
t ec
onom
ic for
ecas
ts a
nd a
ssum
ing
that
wag
es, em
ploy
men
t an
d th
e ec
onom
y (G
DP)
will
con
tinu
e to
gro
w it
is p
ossi
ble
to e
stim
ate
that
the
Tal
linn
offic
e m
arke
t w
ill b
e ab
le t
o ab
sorb
an
addi
tion
al 6
0,00
0 sq
m o
f of
fice
spac
e du
ring
201
2-20
15.
Off
ice
Stoc
k pe
r Cap
ita,
sqm
0,40,50,60,7
1,01
,2
2,0
2,3
3,0
4,8
6,4
8,1
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
Kyiv
Rig
a
Vilniu
s
Buchare
st
Budapest
Tallin
n
Wars
aw
Pra
gue
Copenhagen
Vie
nna
Hels
inki
Sto
ckholm
TECH
NO
POLI
S Ü
LEM
ISTE
Tech
nopo
lis Ü
lem
iste
•D
irec
ted
to in
nova
tive
and
kno
wle
dge-
base
d en
terp
rise
s
•Bui
ldin
g st
ock
70.0
00m
2 w
ith
appr
oxim
atel
y 46
.000
m2
mod
ern
spac
e
•D
evel
opm
ent
pote
ntia
l: B
uild
ing
righ
ts a
ppro
xim
atel
y 15
0.00
0m2
Exc
elle
nt b
usin
ess
envi
ronm
ent
•Lo
cate
d in
Tal
linn
•20
min
utes
wal
k fr
om T
allin
n do
wnt
own
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eter
s fr
om T
allin
n Airpo
rt
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0 m
eter
s fr
om Ü
lem
iste
rai
l sta
tion
•Ve
ry g
ood
conn
ection
s w
ith
the
mai
n ro
ads
Tech
nopo
lis Ü
lem
iste
Loc
atio
n
Te
ch
no
po
lis
Üle
mis
te
Ke
y c
usto
me
rs:
Inte
gra
ted
IT
se
rvic
es p
rovid
er,
a
ffil
iate
of
Te
lia
So
ne
ra,
the
ma
jor
Eu
rop
an
te
leco
m c
om
pa
ny
Esto
nia
’s l
arg
est
so
ftw
are
d
eve
lop
er
an
d c
on
su
lta
nt,
ma
jor
su
pp
lie
r fo
r S
we
dis
h T
ELE
2
Le
ad
ing
Ba
ltic
so
ftw
are
de
ve
lop
er,
w
ith
off
ice
s a
nd
de
ve
lop
me
nt
ce
ntr
es i
n B
alt
ics,
No
rdic
s a
nd
CE
E
Gla
xo
Sm
ith
Kli
ne
Esto
nia
n o
ffic
e,
pa
rt o
f th
e w
orl
d’s
le
ad
ing
p
ha
rma
ce
uti
ca
l co
mp
an
y
Esto
nia
n M
inis
try o
f E
du
ca
tio
n a
nd
S
cie
nce
, p
art
of
the
Go
ve
rnm
en
t o
f E
sto
nia
Our
Cus
tom
ers
– T
he C
arrier
s of
Our
Ide
a
Pete
r Coa
chm
an,
Direc
tor
St. Pe
ters
burg
Ope
ration
s an
d
Ele
na A
finog
enov
a,
Key
Acc
ount
Man
ager
Pic
ture
of
offere
d f
acili
ty o
r serv
ice
ST.P
ETERSB
URG
O
FFIC
E M
ARKET
OVERVIE
W
Pe
ter
Coa
chm
an,
Rus
sian
Ope
ratio
ns D
irec
tor
StP
Eco
nom
y
0
500
1000
1500
2000
2500
3000
3500
2011
f20
12f
2013
f20
14f
GR
P f
ore
cast,
bil.
ruble
s
0
1000
2000
3000
4000
5000
6000
7000
2006
2007
2008
2009
2010
2011
E
Fore
ign I
nvestm
ents
Dynam
ics,
mil.
US
D
GR
P s
tructu
re
StP
Off
ice
Stoc
k
0
50
0.0
00
1.0
00
.00
0
1.5
00
.00
0
2.0
00
.00
0
2.5
00
.00
0
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Q2
20
11
Qualit
y o
ffic
e s
tock 1
,900,0
00 m
2
A c
lass b
uild
ings
470,0
00 m
2
B c
lass b
uild
ings 1
,430,0
00 m
2
Sourc
e: Jones L
ang
LaS
alle
H1 2
011 n
et absorp
tion /com
ple
tion
170,0
00 / 7
1,0
00
m2
H1 2
011 availa
bili
ty 2
39,0
00 m
2
Vacancy r
ate
1
2,6
%
Maj
or O
ffic
e pr
ojec
ts, A c
lass
23
21 1
9
20
17
18
8
22
69
7
14
15
10
11
1
5
272
6
28
29 4
3
36
30
31
35
42
32
24
16
34
34 33
2
25
12 Exi
stin
g
Fut
ure
44
45
39
40
46
41
38
13
37
23
23
21
21 1
919
20
20
17
17
18
18
88
22
22
6699
77
14
14
15
15
10
10
11
11
11
55
27
272
626
28
28
29
29 4
343
36
36
30
30
31
31
35
35
42
42
32
32
24
24
16
16
34
3344 33
22
25
25
12
12 Exi
stin
g
Fut
ure
44
44
45
45
39
40
40
46
46
41
41
38
13
13
37
№N
am
eA
dd
ress
№N
am
eA
dd
ress
1A
trium
Nev
skiy
Pr.
, 25
24
Av
enue
Apt
ekar
skay
a E
mb.
, 7
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hite
Nig
hts
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seB
. M
orsk
aya
Str.
, 23
25
Tols
toy
Squ
are
Lev
Tol
stoy
Str.
, 9
3N
evsk
iy 3
8N
evsk
iy P
r.,
3826
Men
ahem
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kov
skiy
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, 97
A
4S
enat
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Tcha
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skog
o S
tr.)
Tcha
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skog
o S
tr.,
127
Var
shav
skiy
Var
shav
skay
a S
tr.,
5
5M
agnu
s9t
h Li
ne V
.O.,
34
28
Link
orP
etro
grad
skay
a E
mb.
, 34
6La
ngen
zipp
enB
. M
onet
nay
a S
tr.,
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, G
29
Jens
en H
ouse
Mak
arov
a E
mb.
, 32
7S
ever
nay
a S
tolit
saV
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nski
y P
er.,
1-3
30
Kel
lerm
an C
entre
II
10th
Kra
snoa
rmei
skay
a S
tr.,
22
8A
pollo
Dob
roliu
bov
a P
r.,
8 A
31
Atri
oP
etro
grad
skay
a E
mb.
, 22
A
9V
eda
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seP
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grad
skay
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mb.
, 20
32
Atla
ntic
City
Sav
ushk
ina
Str.
, 12
6
10
Sov
erei
gnM
aly
Pr.
V.O
., 2
233
Nev
skij
Pla
zaN
evsk
iy P
r.,
55
11
Ben
uaS
ver
dlov
skay
a E
mb.
, 44
34
Qua
ttro
Cor
tiP
ocht
amts
kay
a S
tr.,
3-5
12
Gre
gory
'sV
ybo
rgsk
aya
Em
b.,
5535
Tech
nopo
lis P
ulko
vo
IP
ulko
vsk
oe H
wy
., 4
0/4
13
Ren
aiss
ance
Pla
zaM
arat
a S
tr.,
69-7
136
Nev
skiy
Cen
tre
Nev
skiy
Pr.
, 11
4 A
14
Prim
ium
(Y
IT)
Prim
orsk
iy P
r.,
5437
St.
Pet
ersb
urg
Pla
za I
Mal
ookh
tinsk
iy P
r.,
64
15
Zing
er H
ouse
Nev
skiy
Pr.
, 28
38
Ren
aiss
ance
For
umLi
gov
skiy
Pr.
, 61
-63
16
Bol
loev
Cen
treG
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ova
Per
., 4
39
Gre
ches
kiy
Ligo
vsk
iy P
r.,
13-1
5 A
17
Par
adny
Kv
arta
lP
arad
nay
a S
tr.,
1-3
40
St.
Pet
ersb
urg
Pla
za I
IM
aloo
khtin
skiy
Pr.
, 64
18
Aer
opla
zaS
tarto
vay
a S
tr.,
8 A
41
Fon
tank
a E
mb.
, 57
Fon
tank
a E
mb.
, 57
19
Pre
miu
mM
elni
chna
ya
Str.
, 8
42
U k
rasn
ogo
mos
taM
oika
Riv
er E
mb.
, 73
-79
20
Sen
ator
(17
th L
ine
V.O
.)17
th L
ine
V.O
., 3
143
Airp
ortc
ity S
t. P
eter
sbur
gS
tarto
vay
a S
tr.,
6
21
Fer
nan
Lezh
eK
ondr
aty
evsk
iy P
r.,
15/3
44
Nev
skay
a R
atus
haD
egty
arny
Per
., 3
22
Res
oG
akke
lev
skay
a S
tr.,
2145
Mos
kov
skiy
Pr.
, 13
9M
osko
vsk
iy P
r.,
139
23
Sen
ator
(P
rof.
Pop
ova
Str.
)P
rof.
Pop
ova
Str.
, 37
-246
Pul
kov
skiy
Mer
idia
nM
osko
vsk
iy P
r.
Sourc
e: Jones L
ang
LaS
alle
Maj
or O
ffic
e pr
ojec
ts, B c
lass
18
3
2
45
6
7
8
9
11
10
12
13
15
16
17
19
20
22
23
24
2526
27
33
31
30
35
34
36
32
46
50
40
37
39
148
21
14
38
28
444
142
494
7
45
4329
Exi
stin
g
Com
plet
ed in
Q2
2011
Fut
ure
18
18
33
22
4455
66
77
88
99
11
11
10
10
12
12
13
13
15
15
16
16
17
17
19
19
20
20
22
22
23
23
24
24
25
2526
26
27
27
33
33
31
31
30
30
35
35
34
34
36
36
32
32
46
46
50
50
40
37
37
39
39
1148
48
21
21
14
14
38
38
28
28
44
444
14142
42
49
494
747
45
45
43
4329
29
Exi
stin
g
Com
plet
ed in
Q2
2011
Fut
ure
№N
am
eA
dd
ress
№N
am
eA
dd
ress
1E
urop
e H
ouse
Arti
llerii
skay
a S
tr.,
126
Bas
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gov
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Pr.
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