Mainor Ülemiste AS (hereinafter Mainor Ülemiste) offered unsecured 4-year bonds to Baltic investors through a private placement. In the first tranche of the programme, up to 8,000 bonds were offered, each with a nominal value of EUR 1,000 and a fixed annual interest rate of 6%. In total, 32 investors subscribed to bonds worth almost EUR 11 million, i.e., almost 1.4 times more than the planned offering volume. The board of Major Ülemiste decided to increase the issue to EUR 9,614,000.

Mainor Ülemiste AS intends to apply for the listing of the bonds on the First North Baltic Bond List administered by Nasdaq Tallinn within 6 months.

The offering was advised by Redgate Capital AS, which has also been the advisor to Mainor Ülemiste’s previous bond issues on the alternative market First North.

The funds received from the bond issue will be used for the early redemption of the Mainor Ülemiste bonds due 10 March 2027 (ISIN: EE3300111343), issued in March 2023, and for the further development of the Ülemiste City campus, including the construction of the third health centre and the Viktor Masing office building.

Ülemiste City, developed by Mainor Ülemiste, is an innovation and collaboration-oriented community that offers tenants opportunities to grow faster, find good collaboration partners, and be conveniently connected with foreign partners. The new Viktor Masing building is planned to support the growth of tenants, with flexible office space, natural and responsible design, and smart building solutions.

The addition of the new seven-story Health Centre will increase the area of ​​the health cluster to more than 27,000 square meters, securing Ülemiste City’s position as the largest privately owned health campus in the Baltics.

Mainor Ülemiste AS is a subsidiary of Mainor AS, whose main activity is the development of Ülemiste City, the largest business campus in the Baltics. The campus has 170,000 square meters of rentable office space built on 30 hectares. Ülemiste City is home to nearly 400 companies and a working, learning and living environment for 18,000 people.