Subsidiaries of Hepsor AS signed loan agreements for the realisation of Manufaktuuri quarter development projects
Hepsor Phoenix 3 OÜ and Hepsor Phoenix 4 OÜ, companies belonging to Hepsor AS Group, signed loan agreements with AS LHV Bank on 12 September in a total amount of 40.3 million euros to finance the realisation of two development projects – Manufaktuuri Factory Phase I and Manufaktuuri 12 – in Tallinn’s Manufaktuuri quarter.
Hepsor Phoenix 3 OÜ signed loan agreements in a total amount of 33.3 million euros to finance the construction of the first phase of the Manufaktuuri Factory at Manufaktuuri 5b. In addition, a construction contract valued at 33.3 million euros was signed with Mitt & Perlebach OÜ. In the first phase of the project, 152 new homes will be built with a total sales area of 10,420 m². Preparatory works for the construction started in the second quarter of 2024, with construction scheduled to be completed in the fourth quarter of 2027.
The Manufaktuuri Factory is the largest development project in Hepsor’s history. It is part of the comprehensive regeneration of a former industrial area and the creation of a new, diverse and modern urban space, providing future residents with a unique combination of historic ambience and modern living.
‘The Manufaktuuri Factory is a special project, not only in our portfolio, but also in the context of Tallinn. The Manufaktuuri Factory gives character to the whole quarter and is the heart of the future campus. Our goal is to create a building that is technically state-of-the-art, durable, and meets the expectations of a forward-looking living environment,’ said Mihkel Mäger, Hepsor’s Country Manager for Estonia.
In addition, Hepsor Phoenix 4 OÜ and AS LHV Bank signed a 7 million euros loan agreement to finance the residential development project Manufaktuuri 12, in Tallinn, at the address Manufaktuuri 12. Construction works started in July 2025, when the construction contract was signed with Mitt&Perlebach OÜ. The project consists of two apartment buildings with a total of 49 apartments and a total saleable area of 3,090 m2. Construction is scheduled for completion in the second half of 2026.
The Manufaktuuri quarter is being developed by Hepsor in partnership with Tolaram Group. To date, 421 homes have been completed in the Sitsi Õunaaed and M7 developments, of which 96% have been sold.
The signing of these loan and construction agreements marks an important milestone for both Hepsor and the entire Manufaktuuri quarter development, which will result in the construction of 201 new homes per quarter over the next two years.
Martti Krass
Member of the Management Board
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Hepsor AS () is a developer of residential and commercial real estate. The Group operates in Estonia, Latvia and Canada. During our fourteen years of operation, we have created 2,076 homes and nearly 36,300 m2 of commercial space. As the first developer in the Baltic countries, Hepsor has implemented several innovative engineering and technical solutions that make the buildings built by the company more energy-efficient and thus more environmentally friendly. The company's portfolio includes a total of 25 development projects with a total area of 178,200 m2.
