Mainor Ülemiste AS subsidiary TÜC Majad OÜ and Swedbank have signed a €30 million loan agreement to finance the construction of a 13-storey office building in Ülemiste City. The total investment amounts to approximately €48 million excluding VAT. The construction contract was recently signed with Merko Ehitus, the winner of the public procurement, who plans to begin work in March. The building is scheduled for completion in November 2027.

According to Sten Pärnits, Chairman of the Management Board of Mainor Ülemiste, Swedbank is the company’s long-standing and largest financial partner, having collaborated on the development of Ülemiste City for 20 years. “Hansabank, Swedbank’s predecessor, was one of the first banks to finance Ülemiste City developments, and Swedbank has funded the construction of nearly ten buildings. The newly signed €30 million loan agreement for the construction of the Masing twin towers is a strong testament to the continuity of our cooperation,” said Pärnits.

Named after renowned Estonian ecologist Viktor Masing, the Masing building will rise near the future Rail Baltica Ülemiste terminal at Lõõtsa 1B/C. The building’s gross area is 27,300 m², of which nearly 20,000 m² will be office space. The architect is Ilmar Klammer, who also designed the Liwentaal and Schmidt buildings in Ülemiste City, named after aviation pioneer Alexandre Liwentaal and inventor Bernhard Schmidt.

The Masing building will stand out in the campus with its distinctive appearance. It consists of two towers connected up to the ninth floor. Inspired by the colours and textures of Estonian bog landscapes, the ground floor will feature spacious, lushly landscaped common areas and a golf simulator for tenants. The developers aim for the building to meet modern office standards, feature smart and sustainable building solutions, and support the growth of its tenant companies. It will be constructed to the highest environmental standards, with an A-energy rating, district heating and cooling, and a 150 kW solar panel system.

“Ülemiste City’s development is a great example of what long-term cooperation can achieve. We strive to be a reliable partner for our clients in any situation, supporting their long-term goals. We are pleased to see the owners of Mainor Ülemiste investing boldly in the future of the campus, sending a clear and confident message to the entire Estonian business landscape,” said Mihkel Utt, Head of Corporate Banking at Swedbank.