Nordic Urban: Problem, Solution and Market

Phase I Allas hubs – project overview

The first expansion phase consists of four Allas hubs in Stockholm, Turku, Tallinn and Cardiff; the overview below shows their target opening years and the key milestones each project has already reached.

Management

Nordic Urban is led by an experienced team with backgrounds in urban development, operations and finance.

The board brings additional experience in entrepreneurship, finance and consumer brands. Members include senior lawyer and board professional chair Tauno Palotie, entrepreneur and Member of the Finnish Parliament Noora Fagerström (co-founder of Jungle Juice Bar), financial senior professional with C-level experience Daniel Pasternak and film producer Markus Selin, among others.

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Company structure

Nordic Urban uses a simple group structure designed for international growth. Nordic Urban Oy acts as the parent company owing and financing regional operating companies that run the Allas hubs in each market. Projects are developed centrally within Nordic Urban and, once permit-ready, are transferred into dedicated, fully owned project companies for further structuring and eventual divestment in collaboration with city and financing partners.

Use of funds

Together with the first Invesdor bond issued in July 2026, this funding forms part of a broader bond programme designed to fund the Phase I project development. The first round raised €1,175,250; the October 2026 funding has a maximum issue size of €1,400,000.

The final use of funds depends on the amount raised in this bond round. The three scenarios below show how Nordic Urban plans to use the proceeds at different funding levels. In all cases, the main purpose is to finance project development for the Phase I Allas hubs in Stockholm, Turku, Tallinn and Cardiff.

Developments at Nordic Urban since the last funding round

In July 2026, Nordic Urban completed its first Invesdor bond round, raising €1,175,250 from 561 investors. The new bond in October uses the remaining capacity under the same bond programme to complete the planned development funding for the Phase I projects.

• Tallinn: permit secured and partner financed complex
  The building permit has been granted and is now legally valid. Detailed design is underway and construction tendering is planned for Q4 2026. The approximately €25 million complex will be financed and built by Estonian real estate developer Kapitel, with Nordic Urban operating the hub. This moves Tallinn from planning into a permit secured, partner financed stage and confirms the commitment of a major real estate partner.

• Cardiff: planning application on a defined timetable
  The planning application process has been initiated, with the formal submission scheduled for October 2026 and planning permission expected by the end of 2026. Investors gain greater visibility on the timing of the first UK hub and its path towards construction and operation.

• Stockholm: detailed design underway
  In Stockholm, detailed design has started in cooperation with the selected contractor, and the land lease agreement is being finalised. These steps bring Stockholm closer to construction readiness and increase visibility on future project sales and operating cash flows.

• Turku: permit granted, appeal pending
  In Turku, the building permit has been granted. An appeal against the permit is currently pending, with a decision expected in early spring 2027. According to the project developer and its legal advisers, the appeal is considered without merit and the permit is expected to remain in force. This indicates procedural risk, but the granted permit and positive legal view support Turku as part of the Phase I pipeline.

Together, these developments mean that since the July bond Nordic Urban’s projects have advanced from early planning towards permit secured, detailed design and tender stages. This progress underpins the timing of the new bond, which is intended to provide the development capital needed to carry the Phase I projects through to construction decisions and, ultimately, operational hubs.

Actual and planned figures

Get an insight in to the company's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

Security

The following collateral is provided for this funding round: a business mortgage in the amount of 150 % of the actual subscription volume of the bond,  and a deficiency guarantee in the amount of 10 % of the actual subscription volume of the bond. The value of the collateral may fluctuate, particularly in the event of a default, which may result in a lower return. Detailed information on the collateral can be found in the KIIS in the documents section for this funding round.

Risks (summary)

Investing in growth companies through bonds is very high risk. You can lose part or all of the money you invest.

The following text is a short and strongly simplified overview of selected risks of an investment in Nordic Urban Oy.

It is not complete and does not replace the detailed description of risks in the  Key Investment Information Sheet (KIIS).

Before you invest, you must read the KIIS in full and with care and check whether you can understand and bear all of the risks described there.

If there are any differences between this summary and the KIIS, only the KIIS is legally binding.

Key Risk Areas (Short Overview)

Business, project and permit risk: Nordic Urban must successfully develop several Allas hubs in different countries. Delays in design, construction, land leases or permits could postpone launches and affect the expansion plans. A permit appeal is pending in Turku, and planning permission in Cardiff has not yet been granted.

Market, sector and funding risk: The projects need substantial upfront development spending. Development income may be irregular because it can depend on selling projects to property investors. Changes in local rules, construction practices or the wider economy may make development more difficult.

Default, return and liquidity risk: If Nordic Urban cannot meet its payment obligations, you may lose part or all of your investment. The collateral may be difficult to enforce or may not cover the loss; the business mortgage is secondary to existing business mortgages. Interest or repayment may be lower than expected, delayed or not paid. Inflation, currency movements, costs and your tax situation can further reduce your return.

Platform, rights and technology risk: The platform may be unavailable or close, which could delay communication or payments, although your contractual claims against Nordic Urban remain. You cannot normally end the bonds early, and there is no liquid market for them; you may have to hold them until maturity or sell at a loss. The bonds give no voting rights. Majority decisions may change bond terms. Problems, cyberattacks or failures affecting the electronic register or digital safe deposit box could limit access to or transfer of the bonds.

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Investment related documents

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Note:

In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

UPDATE on 21.10.2026: What happened since the July 2026 round

Nordic Urban is taking a proven Helsinki concept to Europe. Four new waterfront hubs are in development, each at its own stage. See the latest progress from Tallinn, Stockholm, Cardiff and Turku below.