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2010-10-07 16:00:00 CEST 2010-10-07 16:00:01 CEST REGULATED INFORMATION Technopolis - Company AnnouncementTECHNOPOLIS AND ÜLEMISTE CITY CLOSED JOINT VENTURE DEALTECHNOPOLIS PLC STOCK EXCHANGE RELEASE October 7, 2010 at 05.00 pm TECHNOPOLIS AND ÜLEMISTE CITY CLOSED JOINT VENTURE DEAL Technopolis Plc and the Tallinn-based Smart City Group As and its subsidiary Ülemiste City As have signed a share purchase agreement, creating a joint venture, Technopolis Ülemiste As. Technopolis' investment in the new company totals EUR 9.43 million. The final transaction price will be adjusted later based on Technopolis Ülemiste's net debt position. In addition, an earn-out payment totaling EUR 0.5 million will be paid, if the company achieves certain targets over the next two years. Technopolis Group has a 51 % holding in Technopolis Ülemiste, while the remaining 49 % interest is held by Smart City Group subsidiary Ülemiste City As. Technopolis Ülemiste has a property portfolio comprising approximately 70,000 square meters with approximately 46,000 square meters of modern office buildings. The company also owns building rights totaling approximately 150,000 square meters and suitable for office space. The enterprise value of Technopolis Ülemiste is EUR 63.5 million with loans totaling EUR 43 million. The company's pro forma full-year net sales is expected to total EUR 4.5 million and EBITDA EUR 3.6 million. Information about the establishment of Technopolis Ülemiste have been covered in the stock exchange release published on March 26, 2010 and in the interim report covering January 1 - June 30, 2010 published on July 17, 2010. With the closing of this deal, the Group's Management estimates that Technopolis' net sales and EBITDA will grow between 2 - 4% in 2010. The earlier estimate called for net sales and EBITDA growth of 0 - 2 %. Technopolis Plc Keith Silverang CEO Phone: +358 40 566 7785 Distribution: NASDAQ OMX Helsinki Main news media www.technopolis.fi |
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