E.L.L. Kinnisvara is one of the biggest Baltic States’ real estate developer which main area of activity is developing commercial real estate in the roles of developer, investor and property manager. The focus lies on long-term real estate investments: commercial properties, hotels, office buildings and industrial real estate.

The balance sheet volume of the E.L.L. real estate group has increased from 0.7 million euros in 1997 to around 300 million euros. The company has invested over 350 million euros into various real estate development projects – above all in Tallinn, Riga and Vilnius. Depending on market situation the company is planning to invest about 30-50 million euros per year during coming years.

E.L.L. Kinnisvara was founded in 1997 and is 100% Estonian-owned. The sole shareholder is AS Riverito, which holds a majority stake in AS Merko Ehitus, a publicly listed company that is the largest construction group in the Baltics. AS Merko Ehitus is a longstanding partner of ours and we have worked together on the design-build phase of most of our projects, helping to ensure the high quality of the buildings.

E.L.L. Kinnisvara Group consists of 26 subsidiaries, covering the offices and companies in three countries through which the projects are managed. As of 1 June 2016, there are 51 people employed in the group’s Estonian, Latvian and Lithuanian companies.

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Company in brief (PDF presentation)


The company’s current real estate portfolio has 184,400 m2 to let:

  • 4 shopping centres (Viru Keskus in Tallinn, Spice and Spice Home in Riga, Panorama in Vilnius): 121,800 m2 of space and 460 tenants
  • 3 office buildings (Delta Plaza and Sõpruse Ärimaja in Tallinn and Narbuto 5 in Vinius): 29,500 m2 to let; the office buildings have 80 companies and 1,200 people working daily
  • 2 hotels (Nordic Hotel Forum and Tallink City Hotel in Tallinn): 599 rooms and 33,100 m2 of space