Flexible workspace provider Technopolis PLC is embarking on organic expansion initiatives at two campuses in Finland and Lithuania, with investments in the assets set to total €146 million.
In its Otaniemi Campus in Espoo, Finland, the company will invest €94.1 million to add about 19,000 square meters of rentable space, boosting the complex's total to 78,700 square meters upon the project's expected completion in 2024.
Construction will be done in three stages, with the first phase to start in December and complete in the third quarter of 2020. The second stage is expected to commence in the fall of 2019 and finish in the third quarter of 2022, while the third phase will begin in early 2023 and complete in the last quarter of 2024.
The rentable space of the first phase will span approximately 6,400 square meters. Technopolis has signed VTT Technical Research Centre of Finland Ltd. to 10-year leases for the entire space in the first and second phases, and at least 40% of the third building.
In the Ozas Campus in Vilnius, Lithuania, Technopolis is spending €51.9 million to develop a 26,700-square-meter building that would increase the campus' total rentable area to upwards of 100,000 square meters.
The new Nova building's development will start in December, with completion scheduled for the fourth quarter of 2020. Technopolis has signed up Skandinaviska Enskilda Banken AB's Vilnius branch as anchor tenant.
All the new buildings within the Otaniemi and Ozas campuses are expected to achieve Gold-level Leadership in Energy and Environmental Design certification, the company said.