Hepsor

Regulatory Filings • Dec 19, 2025

Hepsor and Tolaram continue their cooperation in the Manufaktuuri quarter

Hepsor and Tolaram continue their cooperation in the Manufaktuuri quarter

Hepsor AS and AS Phoenix Land, a company of the Tolaram Group, signed a
shareholders' agreement on 18 December under which the parties will continue
their cooperation in the implementation of the next phase of the Manufaktuuri
quarter development. For this purpose, Hepsor's subsidiary Hepsor PHX5 OÜ
(registry code 17394859) has been established and is owned in equal shares by
Hepsor AS and AS Phoenix Land.

The new joint venture will commence the development of residential and
commercial real estate in Tallinn at Manufaktuuri 3. AS Phoenix Land will
contribute the property as a non-monetary contribution to the voluntary reserve
capital of Hepsor PHX5 OÜ in the total amount of EUR 5.8 million.

The Manufaktuuri 3 property has a valid detailed  plan. As part of the
development preparation process, an architectural competition is planned with
the aim of identifying the best possible design solution. While the detailed
plan allows for the development of a high-rise building of up to 60 storeys, the
final architectural and urban design solution will be determined based on the
results of an architectural competition.

"The cooperation between Hepsor and the Tolaram Group in the Manufaktuuri
quarter has been consistent and successful. Through the new joint venture, we
will continue developing the next phase of the quarter to create high-quality
and diverse residential and commercial real estate for Tallinn's urban space.
The projects, both completed and ongoing, have confirmed the strength of the
collaboration and the development potential of the Manufaktuur quarter," said
Mihkel Mäger, Country Manager of Hepsor Estonia.

This is the fifth development project in the Manufaktuuri quarter. Previously,
421 homes have been completed as part of the Sitsi Õunaaed and M7 development
projects, of which 97% have been sold. In 2025, construction began on two
development projects in the Manufaktuuri quarter: the first phase of the
Manufaktuuri Vabrik project, which will provide 152 new homes, and the M12
development project, under which 49 new homes will be completed.

In the future, the Manufaktuuri quarter will comprise approximately 1,100 homes
and commercial premises.

Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: [email protected]
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Hepsor AS (www.hepsor.ee
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hQHFDQ9-DQc31d_xumJdBFX0xuk0zLk5aot6itZDz0vhJv7aXCvbtR)) is a developer of
residential and commercial real estate. The Group operates in Estonia, Latvia,
and Canada. In fourteen years of operation, we have created 2,003 homes and
nearly 44,787 m(2) of commercial space. Hepsor is the first developer in the
Baltic states to implement a number of innovative engineering solutions that
make the buildings it constructs more energy efficient, and thus more
environmentally friendly. The company's portfolio includes 25 development
projects with a total area of 178,200 m(2). In addition, the Group is active in
five projects in Canada, where the main activity is the preparation of detailed
spatial plans for land, thereby achieving greater building rights.