Real estate and construction in Estonia
Cobalt's team specialises in real estate transactions, acting primarily for real estate investors and funds on both the buyer and seller-side. The firm also assists clients in the retail and infrastructure industries, as well as working on development projects. The practice is led by Aivar Taro, who has extensive experience advising on domestic and cross-border transactions, alongside Liina Linsi, who works on construction and development matters. Raul Keba left the firm.
Baltic Horizon Fund
Northern Horizon Capital/Gene Investments
Riigi Kinnisvara AS
BPT Real Estate/Workland
Pirita Tee Development
Baltek Arendus OÜ
- Advised French real estate fund Corum Origin on acquiring an industrial building fully leased to Harmet OÜ for 15 years under a sale-and-leaseback transaction.
- Advising MCF Group Estonia on the development of a data centre that is planned to be built in Saue, Estonia, at an estimated cost of €100m.
- Assisting Baltek Arendus with the development of Sütiste Health Center in Tallinn.
Ellex combines a strong presence in high-value real estate transactions with a focus on infrastructure and construction projects, acting for notable regional clients including Eesti Energia and Rail Baltic. The team notably advised Kildare Partners on its €730m acquisition of workspace provider Technopolis. Environmental and planning lawyer Martin Triipan leads the practice, which also includes commercial real estate specialist Martin Käerdi, retail and M&A lawyer Risto Vahimets, and counsel Jaanus Ikla, who focuses on infrastructure work. Senior associate Triin Frosch is also noted.
‘The firm has an impressive track record on energy and infrastructure work, and its energy practice group has extensive knowledge about energy law.‘
Enefit Green AS
Rail Baltic Estonia OÜ
Eesti Gaas AS
LHV Pank AS
Eesti Energia AS
Baltona Duty Free Estonia OÜ
Lumi Kodud Manufaktuuri OÜ
Raadiku Arendus OÜ
- Advised Kildare Partners PE fund on the €730m public takeover of workspace provider Technopolis Oy.
- Advised Enefit Green on the acquisition of solar power parks in Poland.
- Advising the Port of Sillamäe on the construction of its terminal area.
TGS Baltic has a broad offering encompassing infrastructure projects in the renewable energy industry, regulatory advice on real estate development projects and transactions, and advice to cross-border residential property manufacturers. This broad capability is reflected in a strong list of clients, including major construction and logistics companies. Martin Tamme leads the practice, specialising in construction projects, planning, and deals involving distressed assets, a notable strength of the team.
‘Their broad-based knowledge and competence in construction law, public procurement and tax matters is outstanding.’
Timbeco Construction OÜ
Port of Tallinn
- Advising EvoCon on construction projects in Sweden following its recent expansion into foreign markets.
- Assisting Estiko Energia with the financing and construction of a new solar power plant.
- Advising Invego on its €50m development of the Tiskreoja apartment building.
WALLESS (former Derling Primus)
WALLESS (former Derling Primus) works primarily on infrastructure and construction projects within the energy sector, particularly renewable energy, and is also active in disputes in the space. The team also advises on transactions and construction projects for manufacturing and agriculture clients, including the acquisition of developmental land and establishing factories. The 'remarkable' Piret Blankin leads the practice; she has considerable expertise in construction and environmental law.
‘Exceptional quality and service.’
‘They will go out of their way to succeed.’
AS Emajõe Veevärk
Avaare Kinnisvara OÜ
AS Kunda Nordic Tsement
Saare Wind Energy
Ministry of Rural Affairs
- Representing Saare Wind Energy OÜ in challenging the Estonian government’s decision to block a proposed wind farm off the western coast of Saaremaa.
- Representing Dataring OÜ against Eesti Energia in disputes relating to construction defects and redemption rights of land on the Aulepa wind park.
- Advising Estonian Plywood AS on the construction of a factory, including property acquisition, procurement, and ongoing advice during the construction process.
Maivi Ots and Toomas Pikamäe lead the practice at Eversheds Sutherland, which primarily advises on construction and development projects within the public sector, notably advising the city of Tallinn on its public procurement contracts for infrastructure developments. The team also handles transactions, with Ots, Pikamäe and Tambet Toomela, focusing on transactions, planning and zoning, and construction respectively. Other clients include real estate investors.
Axis UPI OÜ
AS Epler & Lorenz
Kiili Varahalduse Sihtasutus
Kiili Municipal Government
City Government of Tallinn
- Advised Narvel OÜ on the sale of a leased property following the failure of the original leasee to keep up with payments.
- Advised Kiili Varahalduse Sihtasutus on the construction of a public school.
- Assisted the city of Tallinn with a number of public procurement contracts.
The 'flexible and solutions-oriented' Minni-Triin Park leads the practice at FORT, which focuses on commercial real estate transactions, construction developments and residential work. The firm has gained several new clients in the field of hotel management, further expanding its client base. Working closely with the corporate and M&A practice, the real estate team assisted with the real estate elements of the firm's high-profile work for LHV on acquiring Danske Bank's private loan portfolio, which included over 25,000 mortgages. Associate Margus Kõiva is also noted.
‘The team is very proactive, diligent, and business-oriented.’
‘A high partner-associate ratio ensures value for clients and distinguishes the firm from its key competition.‘
Viru Keskus AS
Estonian Environment Agency
- Advising LHV Pank on the acquisition of Danske Bank’s private loan portfolio for €410m, including several real estate development loans and around 25,000 mortgages.
- Advising hotel operator Mogotel on day-to-day operations.
- Advising MPG AgroProduction on establishing long-term agreements for the construction of a €200m factory in the Port of Tallinn.
Kaido Loor leads boutique real estate firm Loor, where he is ably by Carry Plaks. The firm focuses on complex development and financing arrangements for a range of Estonian and overseas clients, including constructors and property developers, with work including transactions, development projects, planning and zoning, and the tax aspects of real estate matters. In recent work, the team developed an alternative investment and financing structure for Hepso's development projects, establishing €10m in financing through a silent partnership arrangement as opposed to traditional SPVs. The firm is praised by clients for its partner focus and 'superb commitment'.
‘Superb commitment and client focus.’
‘Good team of experienced lawyers, really focus on finding solutions, not billing hours.’
Mitt & Perlebach
- Advising Hepsor on the closing of the 7000m2 new fully let unique-in-Tallinn office building to professional real estate manager Capital Mill and the following tax neutral winding-down of the development SPV between its partners.
- Advising on the development of a novel-in-Estonia investment and financing structure for real estate developer Hepsor, involving an alternative approach to the standard SPV approach.
- Acting for Mitt ja Perlebach on the conclusion of a two-stage general contract for the construction of eight residential buildings in Tallinn with Novira group.
NJORD Law Firm
Veikko Toomere and Jelizaveta Rastorgujeva lead the practice at NJORD Law Firm, which primarily advises on commercial real estate acquisitions, particularly in the retail and manufacturing sectors. The firm also brings its tech focus to bear in assisting innovative clients within the construction industry with public procurement proceedings.
Alandia Real Estate
People Fitness Eesti OÜ
Cavotec SA / Cavotec Finland Oy
- Advised Cavotec Finland OY on a successful bid in the public tender process organised by Port of Tallinn.
Sorainen advises on major cross-border infrastructure projects, real estate developments, and leasing agreements. The team is assisting FinEst Bay Area Development with the construction of the Tallinn-Helsinki tunnel, a complex project valued at a total €15bn. Other clients include Toyota Baltic and Nesti Energia. The practice is led by Paul Künnap, with Piret Jesse also highly regarded for her transactional expertise.
‘Very professional and dedicated team.’
FinEst Bay Area Development
Lords LB Asset Management
CPA®:17 – Global
Northern Horizon Captal AS
- Advising FinEst Bay Area Development on the planning phase of the Helsinki-Tallinn railway tunnel.
TARK acts for a number of longstanding clients in industries including construction, sports, and agriculture, as well as being the long-term advisers to state-owned real estate company Riigi Kinnisvara on its day-to-day operations. Allar Aru and Hannes Küün are the practice heads. Other clients include Vaklak, Tallinn Airport and Bauhof group.
Merko Ehitus Eesti AS
Pro Kapital Grupp
- Advises Riigi Kinnisvara (a state-owned operator of public real estate) on its daily operations involving different major real estate and construction matters, which are connected to the development, operation and lease of public real estate.
- Assisting MyFitness with the opening of new sports clubs in Estonia and in Latvia.
- Advising Estonian Railways on a planned expansion of the railway infrastructure in Estonia.
KPMG Law in Estonia
Advokaadibüroo KPMG Law has a particular strength in public procurement work for a variety of construction projects, thanks to the extensive procurement experience of new practice head Kristina Laarmaa, who joined from TGS Baltic in January 2019. Outside its strong work in procurement matters, the team also represents clients in construction disputes, advises on long-term real estate development projects and is involved in several public sector projects.
‘The strength of the team lies in its extensive public procurement practice, granting it superior quality in construction procurements and associated court disputes.’
Kirde Projekt OÜ
Kirde Ehitus OÜ
Jõhvi KEK OÜ
Narva-Jõesuu City Government
Kekkilä Eesti OÜ
P81 Business Property
Sungate Group OÜ
- Advising Sungate Group on the public procurement process for the demolition and reconstruction of boundary fences for Kalev Stadium, Tallinn.
- Representing Kirde Ehitus in public procurement proceedings concerning the construction of a childcare facility.
LEADELL Pilv represents clients in real estate and construction-related disputes, including breach of contract, access to land and transactional cases. The team is led by the 'extremely committed' Merilin Ojasaar and Pirkka-Marja Põldvere, both experienced litigators and transactional advisers. The team also provides advice to clients on day-to-day considerations, rental contracts and infrastructure acquisitions. Britta Oltjer is now with Cuesta Law Office.
Kruuson Kaubandus OÜ
BREM Kinnisvarahooldus OÜ
MTÜ Ida-Viru Jahimeeste Selts
- Advising Linford AS on the preparation of rental agreements.
Magnusson focuses upon the key areas of transactions, development, and construction within the renewable energy industry. Kaider Sultson and Toomas Mälberg lead the practice, specialising in transactions and infrastructure projects respectively. Clients include real estate investment funds, and retail, hospitality, manufacturing and renewable energy businesses, notably Baltania, which the firm advises on the construction of a bio-fuel refinery.
MTÜ Elamusspordikeskus Ühing
Kalla Mööbel OÜ
Kükita Arenduse OÜ
AS KEK Invest
KIKA EE OÜ
- Advising Standard AS on drafting the lease agreements for commercial premises.
- Assisting AS KEK Invest with the possibilities for building on a beachfront property in a nature reserve.
- Advising Empower AS on the construction of Harku-Sindi overhead electricity line.
NOVE primarily handles construction-related matters for clients within the energy sector, alongside advising commercial clients on land acquisitions and leasing. Practice head Kristjan Tamm, who has previously worked as a civil engineer, has notable industry experience in construction matters, with a particular strength in the negotiation of construction contracts.
‘Even though Nove is quite a small law firm, the real estate and construction team is one of the biggest in Estonia. They have a close connection with all the other lawyers in their firm and form an integrated team.‘
‘An excellent firm, the lawyers are experienced, client oriented, and have a strong commercial approach.‘
Vaba Lava SA
Reparo Ehitus OÜ
Port Artur OÜ
Estonian Trade Union Confederation
Merko Ehitus AS
Danpower Eesti AS
Estonian Chamber of Notaries
Tallinna Vesi AS
Eesti Gaas AS
- Advising EG Ehitus on the construction of its Baltic connector pipeline.
- Advising Borg on the acqusition of a plot of land near its production centre.
- Assisting Port Artur with new lease agreements.
The transactional strength of RASK Attorneys-at-Law is evident in its real estate work, where it advises investment funds on acquisitions and development matters. Lumi Capital is a notable new win in this space, while Elle Capital and Johnny are also clients. Transactions specialist Ramon Rask leads the practice, assisted by business and contract specialist Timo Kullerkupp, who advised Procedo Capital on acquiring 100% of the shares for the development of a private medical centre in Tallinn.
‘ Excellent knowledge of the industry and a good team. They have wide knowledge relating to construction industry and litigation in the field.‘
‘The team has a good understanding and in-depth knowledge of the industry.‘
Linda Kaks OÜ
Procedo Capital OÜ
Triple Net Capital
Willenbrock Baltic OÜ
Tallinna Teaduspark Tehnopol
Elle Capital OÜ
Lumi Retail Partners OÜ
Lumi Capital OÜ
Nordlin Ehitus OÜ
Süda Maja AS (bankrupt)
- Advised Lumi Retail Partners OÜ on the acquisition of several shopping centres,
- Assisted with Elle Capital’s exit from real estate developer and manager Arealis.
- Acted for Proceduro Capital on purchasing 100% of the shares for the development of a major private medical centre.
Cuesta Law Office
The practice at newly established Cuesta Law Office is led by Britta Oltjer, who was previously at LEADELL Pilv. The 'customer-oriented' team primarily advises corporate clients on construction and relocation matters, including advising Chemi-Pharm on all aspects of the construction of its new factory, from sourcing a location, to financing, to overseeing the completion of the project.
‘Professional and knowledgeable.’
EE Estate Berlin Invest OÜ
- Advising Lindenline OÜ on the construction of a new production facility, including negotiation of leasing and construction contracts.
- Assisting Etre OÜ in negotiations with owners of a neighbouring property over the location of an access road.
- Advising AS Chemi-Pharm on financing the construction of a new production facility.
Glikman Alvin LEVIN
Glikman Alvin LEVIN works across a range of matters including turnkey real estate projects, restructuring of real estate holdings, financing, and sale-and-leaseback agreements. Pille Pettai and Ain Alvin lead the practice, focusing on transactions and complex contentious and non-contentious real estate work, ably assisted by the firm's experienced litigators for disputes work.
Eesti Loto (Estonian Lottery)
Danske Bank A/S Estonian branch
Merko Ehitus AS
Oma Ehitaja AS
Fresenius Medical Care AG & Co. KGaA
Rävala Kaheksa OÜ
Domus Real Estate
Global Estates Partners
Kristiine Shopping Centre
Rocca al Mare Shopping Centre
Cranfeld Invest OÜ
- Advising Rietumu Banka on its real estate-related lending activities in Estonia, including due diligence of clients.
- Advising Bauschmidt OÜ on a range of issues, including the reorganisation of consortium partnerships, reorganisation of credit instruments and guarantees, and negotiating and restructuring underlying agreements.
Advokaadibüroo PricewaterhouseCoopers Legal OÜ
'Professional' senior associates Karin Marosov and Imbi Jürgen lead the practice at Advokaadibüroo PricewaterhouseCoopers Legal OÜ, focusing particularly on public sector, environmental and zoning work. The team is also sought out by several large property developers, notably Capfield and Baltic Real Estate. Viljar Kähari led a team advising the former on the construction of a new office in Prisma, alongside handling a series of other development and leasing matters for the same client.
Tartu Linnavalitsus (Tartu City Government)
Eesti Roheline Liikumine
Estonian Environmental Inspectorate
Estonian Ministry of Environment
- Advising Pipedrive on construction and lease of new business premises in Tartu.
- Assisting Capfield OÜ with construction contracts for the alteration of leased premises in Nautica Centrum.
- Advising Ensto Ensek on issues related to the reconstruction of a production building in Keila.