Major Ülemiste
Mainor Ülemiste AS develops and operates Ülemiste City, a 30-hectare business campus near Tallinn Airport offering 170,000 m² of office space, an integrated health cluster, and ancillary services to approximately 400 companies and 18,000 professionals.
- Company typePrivate
- Founded-
- HeadquartersHarjumaa, Finland
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Major Ülemiste does
Mainor Ülemiste AS is an Estonian public limited company that develops and operates Ülemiste City, a 30-hectare mixed-use business campus located on the former Dvigatel factory territory adjacent to Tallinn Airport. The company controls approximately 170,000 m² of rentable office space, representing 13.3% of the Tallinn office market, and hosts roughly 400 tenant companies and 18,000 professionals, students, and residents on site. It is a subsidiary of Mainor AS and previously absorbed majority shareholder Smart City Group AS via a February 2025 merger.
The core product surface consists of office buildings (including the in-construction Viktor Masing 13-storey A-energy-class building targeting completion November 2027), three on-site health centres (Health Centre 1, the Von Baer Health Centre opened in 2025 with University of Tartu Hospital as anchor, and Health Centre 3 under construction for 2027 delivery with Pihlakodu as anchor tenant), and ancillary services. Supporting services include virtual office addresses (€50/month), parking house permits (€60/month), garage permits (€120/month), access control, conference coordination, and the Talent Portal for community and development programmes. The technology layer features LEED Gold-targeted sustainability specifications and a pilot deployment of R8 Technologies' R8 Jenny AI, integrated with KONE elevator occupancy data to optimize HVAC energy use.
Revenue is generated primarily through recurring office space leasing, with supplementary subscription-based income from parking, virtual office, and tenant services, sold via direct B2B enterprise sales. FY2025 consolidated turnover was €43,861 thousand, with a fair value of investment property of €456,950 thousand and total equity of €247,374 thousand, reflecting an asset-heavy, rent-collection business model funded by a mix of bank debt (€30 million Swedbank facility), private-placement bonds (€9.614 million issued March 2026 at 6% fixed, listed on Nasdaq First North), and equity. Customer segmentation is hybrid: the primary segment is knowledge-based companies seeking modern campus office space, with healthcare providers and talent/personas as secondary segments.
Major Ülemiste firmographics
Firmographics- Name
- Major Ülemiste
- Legal name
- Mainor Ülemiste AS
- Website
- https://mainorulemiste.ee
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Mainor Ülemiste AS develops and operates Ülemiste City, a 30-hectare business campus near Tallinn Airport offering 170,000 m² of office space, an integrated health cluster, and ancillary services to approximately 400 companies and 18,000 professionals.
- Ownership category
- akta.pro rank
Where Major Ülemiste is headquartered
LocationHeadquarters
- HQ city
- Harjumaa
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
Major Ülemiste business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Marketing or Sales
Revenue model
- Office Space Leasing: Primary revenue stream from renting out office space in Ülemiste City. The campus offers approximately 169,200-170,000 square meters of leasable office space to tenant companies.
- Parking Services: Monthly parking permits for tenants - parking house at €60/month and garage at €120/month
- Virtual Office Services: Virtual office address and mailbox use services at €50/month
- Tenant Services: Access control services, conference services, cleaning services, and other facility management services provided to tenants
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Parking house permit |
| Subscription | Monthly | Garage parking permit |
| Subscription | Monthly | Virtual office address and mailbox |
| Other | Monthly | Access card replacement |
| Other | Monthly | Subcutaneous door chip |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Major Ülemiste product offering
Product offeringCore offering
Major Ülemiste (Mainor Ülemiste AS) develops and operates Ülemiste City, a 30-hectare mixed-use business campus near Tallinn Airport, leasing approximately 169,200–170,000 m² of office space to roughly 400 companies and supporting around 18,000 professionals. Beyond office leasing, the company sells recurring services to tenants including parking permits, virtual office addresses, conference facilities, access control, and integrated health centre facilities, and it is expanding the campus with new A-energy-class office buildings and additional healthcare hubs.
Product overview
Mainor Ülemiste AS operates Ülemiste City, the largest business campus in the Baltics (30 hectares, 170,000 m² office space, 400 companies, 18,000 people). The product portfolio includes: (1) Ülemiste City as the core platform—a mixed-use urban district combining office buildings (Viktor Masing Office Building, other commercial spaces), health centres (Health Centre 1, Von Baer Health Centre, Health Centre 3 under development), and support services; (2) Smart building solutions with energy optimization technology; (3) Supporting services including virtual office, parking, conference services, and the Talent Portal. The campus follows LEED Gold certification standards and integrates technology partnerships (KONE elevator systems, R8 Technologies AI) for building optimization.
Differentiator
Problem solved
Functional benefit
Products and services
- Ülemiste City Business Campus
- Commercial Office Buildings
- Health Centre 1
- Von Baer Health Centre
- Health Centre 3
- Virtual Office Services
- Parking Services
- Conference Services
- Talent Portal
Quantifiable outcome
- HVAC systems consume up to 70% of a building's total energy - optimizing based on elevator occupancy data reduces energy consumption while maintaining tenant comfort
- +4 more outcomes
Companies that use Major Ülemiste
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Major Ülemiste technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature1 record
Major Ülemiste partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered construction contractor, anchor tenant, main contractor, pilot project partner and former joint venture partner.
- AS Merko Ehitus Eesticonstruction contractorAS Merko Ehitus Eesti signed a design and construction agreement with Mainor Ülemiste for a new office building (Viktor Masing building) at Lõõtsa 1 B/C in Ülemiste City. Total investment is approximately €48 million excluding VAT, with completion scheduled for November 2027.
- University of Tartu Hospitalanchor tenantUniversity of Tartu Hospital is the biggest tenant in Von Baer Health Centre, bringing its clinical services closer to people in the Ülemiste City area.
- Pihlakoduanchor tenantPihlakodu, one of Estonia's leading nursing home providers, is the anchor tenant in Health Centre 3 at Ülemiste City. They will open a state-of-the-art nursing home based on Scandinavian model, integrating elderly residents into the campus community.
- Fund Ehitus OÜmain contractorFund Ehitus OÜ is the main contractor for Health Centre 3 construction, a €18 million investment project to expand Ülemiste City's health cluster to over 27,000 square meters.
- KONEpilot project partnerKONE partnered with Mainor Ülemiste and R8 Technologies on a pilot project at Ülemiste City using elevator sensor data as occupancy proxies to optimize HVAC systems. KONE's elevator data feeds into R8 Technologies' AI solution to automatically adjust heating, cooling, and ventilation based on building occupancy patterns.
- R8 Technologiespilot project partnerR8 Technologies' AI solution 'R8 Jenny' integrates with KONE's elevator data at Ülemiste City to optimize building energy consumption by using elevator occupancy data to automatically adjust HVAC systems based on actual building usage.
- Technopolis Plcformer joint venture partnerMainor Ülemiste acquired a 51% stake in Technopolis Ülemiste AS from Technopolis Plc (Finland-based company that leases office space and provides business support services across European countries).
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
Major Ülemiste competitors and assessment
Company assessmentBroad incumbents
- Castellum: One of the largest Nordic commercial real estate companies, with a diversified portfolio across Sweden, Norway, Denmark, Finland, and Germany. Comparable as a large-scale Nordic office and logistics landlord, though at much greater scale and broader geography.
- Platzer Fastigheter: Swedish commercial real estate company focused on office and urban development in the Gothenburg region. Comparable as a Nordic office landlord pursuing cluster and community-driven strategies, though in a different submarket.
- Fabege: Swedish office-focused real estate company with a portfolio concentrated in the Stockholm region. Comparable as an office landlord pursuing sustainability and tenant-mix strategies, though at substantially larger scale.
- Kungsleden: Swedish commercial real estate company owning and developing office, industrial, and retail properties. Comparable as a Nordic property owner with similar sustainability ambitions, though with a broader geographic and asset-class footprint.
- NCC Property Development: Division of NCC AB focused on developing and divesting Nordic commercial real estate, particularly office properties. Comparable as a Nordic developer-operator of office product, though with shorter hold periods and a broader geographic mix.
- Hemsö: Swedish public real estate company focused on community-service properties including healthcare, education, and office. Comparable to Mainor Ülemiste's integrated health cluster strategy (Hemsö's healthcare segment mirrors the campus health-center thesis).
- Atrium Ljungberg: Swedish commercial real estate company focused on office and mixed-use urban districts in Stockholm, Gothenburg, and Uppsala. Comparable to Mainor Ülemiste as a developer-operator of knowledge-economy campuses, but at larger scale.
- Skanska Commercial Property Development: Division of Skanska AB developing and owning commercial real estate in the Nordics, CEE, and the US. Comparable to Mainor Ülemiste in developing large, sustainable, mixed-use office campuses, though as a global construction-led player.
Direct peers
- Sponda: Finnish commercial real estate company focused on office and retail properties in Helsinki and other growth centers. Operates a similar office leasing business in the same Baltic Sea region and is now part of the Blackstone platform.
- Technopolis Plc: Finland-based operator of office campuses across the Nordics with a services-rich tenant model almost identical to Mainor Ülemiste. Technopolis Ülemiste AS was a 51%-owned subsidiary acquired by Mainor Ülemiste in Feb 2024, making the parent a direct model peer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Major Ülemiste social profiles
Digital presenceMajor Ülemiste compliance and trust
Trust signalCompliance1 record
Major Ülemiste financial estimates
Financial estimateRevenue estimate
Valuation estimate
Major Ülemiste leadership team
Management profileNumber of profiles
Profiles12 records
Major Ülemiste subsidiaries and ownership
Company hierarchySubsidiaries2 records
Major Ülemiste funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Major Ülemiste M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Major Ülemiste
What does Major Ülemiste do?
Major Ülemiste (Mainor Ülemiste AS) develops and operates Ülemiste City, a 30-hectare mixed-use business campus near Tallinn Airport, leasing approximately 169,200–170,000 m² of office space to roughly 400 companies and supporting around 18,000 professionals. Beyond office leasing, the company sells recurring services to tenants including parking permits, virtual office addresses, conference facilities, access control, and integrated health centre facilities, and it is expanding the campus with new A-energy-class office buildings and additional healthcare hubs.
Is Major Ülemiste a public or private company?
Major Ülemiste is a private company. It is classified as corporate owned and is currently operating.
When was Major Ülemiste founded?
Major Ülemiste was founded in -1. It employs 1 to 10 people.
Where is Major Ülemiste based?
Major Ülemiste is headquartered in Harjumaa, Finland, in the Europe region.
How does Major Ülemiste make money?
Four revenue lines are on record. Office Space Leasing is the primary driver. The others are parking Services, virtual Office Services and tenant Services.
Who are Major Ülemiste's main competitors?
Broad incumbents on record are Castellum, Platzer Fastigheter, Fabege, Kungsleden, NCC Property Development, Hemsö, Atrium Ljungberg and Skanska Commercial Property Development. Direct peers are Sponda and Technopolis Plc.
Does Major Ülemiste have an API?
No public API is recorded for Major Ülemiste.