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.

Practice head(s):

Aivar Taro; Liina Linsi

Key clients

Porto Franco


Danske Bank

Baltic Horizon Fund

Northern Horizon Capital/Gene Investments

Riigi Kinnisvara AS

OMA Ehitaja

BPT Real Estate/Workland


Gildhall AS


Pirita Tee Development



Raunistal/Greta Energy

Graanul Invest


Lords LB

Nord Stream

Tallinna Kaubamaja

Baltek Arendus OÜ

Work highlights

  • 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.

Practice head(s):

Martin Triipan


The firm has an impressive track record on energy and infrastructure work, and its energy practice group has extensive knowledge about energy law.

Key clients

Enefit Green AS

Rail Baltic Estonia OÜ

Eesti Gaas AS


Eesti Energia AS

Elering AS

Solaris Center

Baltona Duty Free Estonia OÜ

Lumi Kodud Manufaktuuri OÜ

Raadiku Arendus OÜ

Work highlights

  • 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

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.

Practice head(s):

Martin Tamme


Their broad-based knowledge and competence in construction law, public procurement and tax matters is outstanding.’

Key clients



Reterra Estate

Astlanda Ehitus

KRC Ehitus



Maru Ehitus


EvoCon Grupp


Timo Houses

Nortimo AB

Astel Modular


Timbeco Group

Timbeco Construction OÜ

Nordic Houses


Uus Maa




Viis Veeringut


Estiko Energia

Energy Express

Port of Tallinn


MAXIMA Estonia

Work highlights

  • 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.

Practice head(s):

Piret Blankin


Exceptional quality and service.’ 

They will go out of their way to succeed.’

Key clients

Tartu Linnavalitsus

AS Emajõe Veevärk


AS Raisner

JNG Investments

Avaare Kinnisvara OÜ

AS Kunda Nordic Tsement

Lõunakeskus OÜ

Woodwell AS


OP Investeeringud

Saare Wind Energy

Adepte Allecto

Ministry of Rural Affairs

Work highlights

  • 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.

Practice head(s):

Maivi Ots; Toomas Pikamäe

Key clients

Metro Capital


Pharma Group

UP Invest

Eesti Keskkonnateenused

Ecobay OÜ

AS Epler & Lorenz

Kiili Varahalduse Sihtasutus

Narval OÜ

Allepal OÜ

Kiili Municipal Government

City Government of Tallinn

Thermory AS


Work highlights

  • 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.

Practice head(s):

Minni-Triin Park


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.

Key clients

LHV Bank

EfTEN Capital

Finest Group


Capital Mill


LNK Group

Viru Keskus AS

ERGO insurance

Crowdestate OÜ

TREV-2 Group

Finnish Pontos

Estonian Environment Agency

Perton Ehitus

Scandium Kinnisvara

Work highlights

  • 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'. 

Practice head(s):

Kaido Loor


Superb commitment and client focus.’

Good team of experienced lawyers, really focus on finding solutions, not billing hours.’

Key clients


Mitt & Perlebach


Arsenal Center





Work highlights

  • 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.

Key clients

Alandia Real Estate

Favor AS


People Fitness Eesti OÜ

Cavotec SA / Cavotec Finland Oy

Piangil OÜ

Pärnu Instituut

Work highlights

  • 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.

Practice head(s):

Paul Künnap


Very professional and dedicated team.’

Key clients

FinEst Bay Area Development

Lords LB Asset Management

Nelja Energia


Metsä Cooperative

Lietemas UAB

CPA®:17 – Global

Northern Horizon Captal AS

Work highlights

  • 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.

Practice head(s):

Allar Aru; Hannes Küün

Key clients

Riigi Kinnisvara

Bauhof Group

Kaamos Group

Estonian Railways

Merko Ehitus Eesti AS


CRH Group



Pro Kapital Grupp

My Fitness

Work highlights

  • 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.

Practice head(s):

Kristina Laarmaa


The strength of the team lies in its extensive public procurement practice, granting it superior quality in construction procurements and associated court disputes.’ 

Key clients

Kirde Projekt OÜ

Kirde Ehitus OÜ

Jõhvi KEK OÜ

Semuehitus AS

Narva-Jõesuu City Government

Glamox AS

Kekkilä Eesti OÜ

P81 Business Property

Versobank AS

Sungate Group OÜ

Tradesman OÜ

Work highlights

  • 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 committedMerilin 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.

Key clients

Straf OÜ

Linford AS

Kruuson Kaubandus OÜ

Marko Märjamaa

Taivo Luik

Maksiprojekt OÜ

Heli Tuulik

BREM Kinnisvarahooldus OÜ

Infraroad OÜ

MTÜ Ida-Viru Jahimeeste Selts

Work highlights

  • 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.

Key clients

AS Standard

MTÜ Elamusspordikeskus Ühing

Silen OÜ

Kalla Mööbel OÜ

Kükita Arenduse OÜ

AS KEK Invest

Empower AS

Baltania OÜ


Meediagrupi OÜ

Work highlights

  • 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.

Practice head(s):

Kristjan Tamm


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.

Key clients

EG Ehitus

Land Board

Vaba Lava SA

Reparo Ehitus OÜ

Mõigu Ehituskoondis

Port Artur OÜ

Estonian Trade Union Confederation

Merko Ehitus AS

Danpower Eesti AS

Estonian Chamber of Notaries

Tallinna Vesi AS

Eesti Gaas AS

Elering AS

Borg OÜ

Work highlights

  • 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.

RASK Attorneys-at-Law

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.

Practice head(s):

Ramon Rask


 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.

Key clients

Johnny AS

Kapitalimeister OÜ

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

E-Kinnisvarahaldus OÜ

Nordlin Ehitus OÜ

Süda Maja AS (bankrupt)

Work highlights

  • 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.


Siret Siilbek leads ALTERNA's real estate and construction work, primarily representing construction companies in disputes relating to insolvency, contracting and public procurement.

Practice head(s):

Siret Siilbek

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.

Practice head(s):

Britta Oltjer


Professional and knowledgeable.’

Key clients

Chemi-Pharm AS

EE Estate Berlin Invest OÜ

Lindenline OÜ

Etre OÜ

Hanrogen OÜ

Eviko Ehitus

Etre OÜ

Hellema OÜ

Bromtek OÜ

Work highlights

  • 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.

Practice head(s):

Pille Pettai; Ain Alvin

Key clients

Eesti Loto (Estonian Lottery)

Danske Bank A/S Estonian branch

Skanska AS

Merko Ehitus AS

Oma Ehitaja AS

Fresenius Medical Care AG & Co. KGaA

Rävala Kaheksa OÜ

Bauschmidt OÜ

Domus Real Estate

Global Estates Partners

Kesk Estates

Kristiine Shopping Centre

Rocca al Mare Shopping Centre

Cranfeld Invest OÜ

Work highlights

  • 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.

Practice head(s):

Karin Marosov; Imbi Jürgen

Key clients

Tartu Linnavalitsus (Tartu City Government)

Eesti Roheline Liikumine



Eesti Raudtee

Estonian Environmental Inspectorate

Estonian Ministry of Environment

Ensto Ensek

Purje Vara

Work highlights

  • 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.