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Europe Guide

Real Estate — Estonia


COBALT - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Pre-eminent real estate department with an impressive team of experienced practitioners. Extensive experience and expertise with structuring, financing and due diligence for high-value real estate transactions, including commercial development projects, as well as disputes. Regularly acts for leading developers and investors, and has additional expertise in relation to energy infrastructure.

Strengths Sources highlight the firm's "visibility in advising on important and complex real estate cases."

Work highlights Advised Corum Convictions SCPI on its EUR16.7 million acquisition of the Prisma shopping centre in Narva from EfTEN.

Acted for Baltic Horizon Fund on its acquisition of Piirita shopping centre for EUR12.2 million, including advice on the letter of intent, due diligence, negotiations and tax-related aspects.

Notable practitioners

Aivar Taro heads the real estate and construction practice and is noted for his expertise with international property and infrastructure transactions, in addition to planning and development projects. He acted for international investment joint venture Laurus on the sale of the Hobujaama 4 office building in Tallinn to Colonna.

Liina Linsi advises international developers on litigation, planning and zoning matters and transactions. In one highlight, she represented Olympic Casino on the signing and termination of various lease contracts with the developers of shopping centres in Estonia.

About the Team (content provided by COBALT)

Department profile not yet provided by COBALT. Please see their firm profile.

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Ellex Raidla - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Maintains an excellent standing in the Estonian real estate space, offering a comprehensive service to prominent investors and developers. Adept at handling leasing, construction and zoning matters in respect of office, industrial and retail properties, and experienced handling large development projects, including financing and restructuring. Also acts for clients on environmental and planning litigation.

Strengths One source comments: "Having worked with many lawyers, I assess Ellex with the highest possible grade. I have felt the support and professional input at all levels of the process. What is very important is that we have, together, experienced success that has rewarded us both."

Clients appreciate its "knowledge and experience in different areas, including environmental issues."

Work highlights Acted for East Capital on its acquisition of the Hilton Tallinn Park Hotel building from Olympic Entertainment Group, including the share purchase agreement, merger notification and negotiations. The transaction is valued at EUR48 million.

Advised EST-FOR Invest on spatial planning, land agreements and environmental issues, in addition to the contractual framework for financing the pre-development phase of its modern bio-refinery, which is part of its EUR1 billion investment into Estonia's forestry and wood industry.

Notable practitioners

Risto Vahimets is noted for acting on complex transactional real estate matters across the Baltic states. He advised TPG Special Situation Partners on granting Pro Kapital a EUR65 million loan to finance the T1 shopping and entertainment centre.

Jaanus Ikla is acknowledged for his expertise in the energy and infrastructure sectors, advising on transactional and regulatory matters. He played a key role in advising Vopak E.O.S. on the planning, environmental impacts and other construction issues for three terminals, including an LNG terminal. A client describes him as "friendly and able to communicate freely," adding: "You do not feel stupid asking many questions, and he will answer."

Ermo Kosk joined the firm as a result of the merger of Ellex Raidla and Primus Law firm in January 2018. He is described by market sources as a "very respected by the market player and very regarded for a business-minded approach." He handles real estate transactions as well as project financing and other corporate matters.

Martin Triipan is recommended for his "really wide experience in the environment field and is very easy to work with." He heads the real estate practice and is acknowledged for handling complex environmental, planning and development issues. He advised Enefit Energiatootmine on the construction of its Auvere Power Plant, including contractor negotiations for the start-up and commissioning of the power plant.

About the Team (content provided by Ellex Raidla)

The firms’ Real Estate team is widely recognised in the market and covers all aspects of infrastructure, commercial real estate and construction projects. The experience includes all aspects of transactions from due diligence to approvals and transaction negotiation and documentation. The team has profound practice in a wide range of projects including the construction, purchase, sale, expansion and/or lease of:

  • hotels (Radisson, Swissotel, Reval hotels)
  • shopping centres and shopping malls (Sikupilli, Ülemiste, Solaris)
  • offices (Schnelli Ärimaja, Nordea Maja, Liivalaia 13/15, Ülemiste City)
  • technological parks (Tehnopolis)
  • residential areas
  • windmill parks (including the largest wind-mill park in Estonia
  • power stations (construction of a new oil shale power plant in Narva and waste power plant in Iru, reconstruction of two energy blocks in Narva)
  • medical sector (City hospital of Pärnu)
  • industrial properties (pulp mill in Kunda)

The firm's lawyers have been and are very active in legislative drafting and have participated in the drafting of many related laws in Estonia. Especially by the Ellex practice group team members Mr Martin Triipan and Mr Jaanus Ikla.

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Sorainen - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Outstanding team regularly acting on commercial real estate transactions together with environmental matters. Accomplished at handling construction, leasing, planning and disputes on behalf of prominent developers, investors, governments and companies in sectors such as retail and energy. Notable pan-Baltic presence and often advises on cross-border matters.

Strengths Clients appreciated the firm's breath of expertise.

Work highlights Advised Metsä Wood Eesti on planning and permitting issues, negotiation of transaction documents and construction agreements as well as the due diligence of suitable land areas for the establishment of a new plywood mill.

Acted for Nordic Beach on the negotiation of a 20-year lease, as well as financing and construction agreements, for a high-class indoor beach volleyball site.

Notable practitioners

Piret Jesse joined the firm in May 2018. She handles transactions and disputes with core expertise in construction. Sources emphasise her experience, adding: "I definitely respect her as a good practitioner in the field, and she can handle tax matters, which is beneficial." She represented Kaarsilla Kinnisvara in planning and development disputes, construction and lease agreements as well as property acquisitions.

Paul Künnap advises on construction and transactional real estate matters within the retail, energy and technology sectors. Sources highlight his expertise, which extends to related tax advice. He played a key role in advising Lords LB Asset Management UAB on the acquisition of the EU House office building in Tallinn, which included building title and reconstruction issues.

About the Team (content provided by Sorainen)

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Eversheds Ots & Co (a member of Eversheds Sutherland) - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Respected real estate group advising both Estonian and international clients. Handles a high volume of commercial and residential property transactions, construction mandates and disputes. Increasing focus on funding and finance structures for large projects. Boasts Russian, Finnish and German language capabilities.

Work highlights Acted for Skinest Aredus on its New Holland Development in Tallinn, including refinancing, planning, drafting and negotiating construction and sale agreements.

Engaged by Lumi Capital to establish co-investment and investment management structures with LHV for future investments into leased apartments, requiring advice on fund management, pension fund and financial services regulations.

Notable practitioners

Randu Riiberg acts on planning and construction matters, and sources highlight his transactional expertise. He advised Pärnu Omavalitsuste Liit in relation to the financing for the reconstruction of Pärnu Airport.

Maivi Ots advises on a range of commercial matters, including acting for developers and investors on financing schemes for real estate transactions. She represented Pro Kapital Eesti on the sale and purchase agreement and the deal structuring for the sale of its Estonian and Latvian hotel operating business.

About the Team (content provided by Eversheds Ots & Co (a member of Eversheds Sutherland))

Department profile not yet provided by Eversheds Ots & Co (a member of Eversheds Sutherland). Please see their firm profile.

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TGS Baltic - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for A high-quality group that provides solid expertise in both contentious and transactional matters as well as distressed real estate asset deals. Frequently instructed on disputes involving complex public procurement contracts, leasing and land use, as well as financing and tax planning related to real estate transactions.

Strengths Clients find the team to be "very reliable and trustworthy: they offer great advice and are able to go the extra mile to find the best and most cost-effective solution for us."

One interviewee says: "Thanks to the firm's speedy actions and ability to pool resources, we already had an elaborate plan before the confrontation."

Work highlights Advised Estectus on construction and infrastructure contracts for the development of the Reola industrial park.

Acted for Port of Tallinn to retrieve contracts and rights to the construction and use of a large area of Muuga Harbour as well as the acquisition of pre-emptive rights for the access to the berths from the Coal Terminal bankruptcy estate.

Notable practitioners

Martin Tamme is "extremely solution-driven and excellent on a strategic level." He acts on a variety of real estate matters including distressed asset deals, occupancy permits and development project financing. He advised Invego on a residential development project, including its implementation through a joint venture, a dispute arising from the purchase of land from a bankrupt estate as well as planning and construction tenders and contracts. One referee says: "Martin already foresaw all the issues before we ran into the actual problems."

About the Team (content provided by TGS Baltic)

TGS Baltic has a full-service real estate and construction team offering advice on infrastructure and development projects such as commercial and retail property matters including real estate M&A. The team is well known for seamless service for developers as well as managing highly complex projects such as distressed assets M&A, alternative financing schemes, complex joint ventures and solving dead-locks in construction and development projects.

Clients highly value the team’s project management skills and appreciate the potential to use the specialized advice from our tax, finance and corporate teams. Team’s negotiation and dispute skills are also widely praised, as a notable part of the teams’ work is done in court and in administrative proceedings  

The firm also excels at planning law and has achieved notable success in this field – for example in 2017 the firm helped Estonia’s largest offshore wind project to solve their complex planning issues and get the green light to move forward.

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FORT - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Comprehensive real estate and construction practice spanning transactional and financing mandates. Especially active on retail development projects, planning and public procurement issues, and regularly advises a range of clients such as investors, developers and construction companies. Experienced in handling contentious issues, particularly in construction.

Strengths Referees highlight the firm's "deep knowledge of all aspects of the real estate sector: contractual, dispute resolution, zoning and planning matters."

Work highlights Acted for EfTEN Real Estate Fund III on the acquisition of three logistic centres in Estonia, Latvia and Lithuania through a sale and leaseback transaction.

Assisted E.L.L. Real Estate with the acquisition of land plots for the development of a complex comprised of two office buildings and one residential building in Tallinn. Investments for the first stage exceed EUR40 million.

Notable practitioners

Minni-Triin Park advises investors, developers and financial institutions on real estate transactions and projects as well as having extensive experience with leasing matters. She represented the SPV of Capital Mill in a dispute with City of Tallinn over the development of Porto Franco, a project valued at approximately EUR160 million. Clients highlight her flexibility and appreciate her ability to "listen to client opinion and ideas, but also to discuss scenarios and opportunities."

About the Team (content provided by FORT)

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TRINITI - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Noted firm with particular recognition for its busy infrastructure practice. Also acts on commercial real estate transactions, land planning, leasing and construction contracts, as well as handling disputes.

Strengths Sources note its activity "in some important real estate projects," identifying its proficiency with transaction structuring for projects and zoning issues.

Notable practitioners

Tõnis Tamme is a "well-established player" who handles project financing and infrastructure in addition to transactional real estate matters.

About the Team (content provided by TRINITI)

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Band 1

COBALT

From the Chambers Europe guide

Aivar Taro heads the real estate and construction practice and is noted for his expertise with international property and infrastructure transactions, in addition to planning and development projects. He acted for international investment joint venture Laurus on the sale of the Hobujaama 4 office building in Tallinn to Colonna.

^ See whole ranking table

Band 1

Ellex Raidla

From the Chambers Europe guide

Risto Vahimets is noted for acting on complex transactional real estate matters across the Baltic states. He advised TPG Special Situation Partners on granting Pro Kapital a EUR65 million loan to finance the T1 shopping and entertainment centre.

^ See whole ranking table

Band 2

Ellex Raidla

From the Chambers Europe guide

Jaanus Ikla is acknowledged for his expertise in the energy and infrastructure sectors, advising on transactional and regulatory matters. He played a key role in advising Vopak E.O.S. on the planning, environmental impacts and other construction issues for three terminals, including an LNG terminal. A client describes him as "friendly and able to communicate freely," adding: "You do not feel stupid asking many questions, and he will answer."

^ See whole ranking table

Band 2

Ellex Raidla

From the Chambers Europe guide

Ermo Kosk joined the firm as a result of the merger of Ellex Raidla and Primus Law firm in January 2018. He is described by market sources as a "very respected by the market player and very regarded for a business-minded approach." He handles real estate transactions as well as project financing and other corporate matters.

^ See whole ranking table

Band 2

COBALT

From the Chambers Europe guide

Liina Linsi advises international developers on litigation, planning and zoning matters and transactions. In one highlight, she represented Olympic Casino on the signing and termination of various lease contracts with the developers of shopping centres in Estonia.

^ See whole ranking table

Band 2

FORT

From the Chambers Europe guide

Minni-Triin Park advises investors, developers and financial institutions on real estate transactions and projects as well as having extensive experience with leasing matters. She represented the SPV of Capital Mill in a  dispute with City of Tallinn over the development of Porto Franco, a project valued at approximately EUR160 million. Clients highlight her flexibility and appreciate her ability to "listen to client opinion and ideas, but also to discuss scenarios and opportunities."

^ See whole ranking table

Band 2

Eversheds Ots & Co (a member of Eversheds Sutherland)

From the Chambers Europe guide

Randu Riiberg acts on planning and construction matters, and sources highlight his transactional expertise. He advised Pärnu Omavalitsuste Liit in relation to the financing for the reconstruction of Pärnu Airport.

^ See whole ranking table

Band 2

TGS Baltic

From the Chambers Europe guide

Martin Tamme is "extremely solution-driven and excellent on a strategic level." He acts on a variety of real estate matters including distressed asset deals, occupancy permits and development project financing. He advised Invego on a residential development project, including its implementation through a joint venture, a dispute arising from the purchase of land from a bankrupt estate as well as planning and construction tenders and contracts. One referee says: "Martin already foresaw all the issues before we ran into the actual problems."

^ See whole ranking table

Band 3

Sorainen

From the Chambers Europe guide

Piret Jesse joined the firm in May 2018. She handles transactions and disputes with core expertise in construction. Sources emphasise her experience, adding: "I definitely respect her as a good practitioner in the field, and she can handle tax matters, which is beneficial." She represented Kaarsilla Kinnisvara in planning and development disputes, construction and lease agreements as well as property acquisitions.

^ See whole ranking table

Band 3

Advokaadibüroo Vilgerts Loor

From the Chambers Europe guide

Kaido Loor of Advokaadibüroo Vilgerts Loor advises investors on real estate and tax issues, particularly sales and acquisitions and construction mandates.

^ See whole ranking table

Band 3

Eversheds Ots & Co (a member of Eversheds Sutherland)

From the Chambers Europe guide

Maivi Ots advises on a range of commercial matters, including acting for developers and investors on financing schemes for real estate transactions. She represented Pro Kapital Eesti on the sale and purchase agreement and the deal structuring for the sale of its Estonian and Latvian hotel operating business.

^ See whole ranking table

Band 3

TRINITI

From the Chambers Europe guide

Tõnis Tamme is a "well-established player" who handles project financing and infrastructure in addition to transactional real estate matters.

^ See whole ranking table

Band 3

Ellex Raidla

From the Chambers Europe guide

Martin Triipan is recommended for his "really wide experience in the environment field and is very easy to work with." He heads the real estate practice and is acknowledged for handling complex environmental, planning and development issues. He advised Enefit Energiatootmine on the construction of its Auvere Power Plant, including contractor negotiations for the start-up and commissioning of the power plant.

^ See whole ranking table

Band 3

NOVE

From the Chambers Europe guide

Urmas Volens of Law office NOVE handles public procurement and construction disputes and is noted for his experience on lease agreements, planning and construction contracts and environmental issues.

^ See whole ranking table

Up and Coming

Sorainen

From the Chambers Europe guide

Paul Künnap advises on construction and transactional real estate matters within the retail, energy and technology sectors. Sources highlight his expertise, which extends to related tax advice. He played a key role in advising Lords LB Asset Management UAB on the acquisition of the EU House office building in Tallinn, which included building title and reconstruction issues.

^ See whole ranking table