What Estmak Capital does

Estmak Capital OÜ is a privately held real estate development company headquartered at Kai 1, Tallinn, Estonia, founded around 2008-2010. It develops and manages residential, commercial, and mixed-use properties across the Baltic States, primarily in Estonia (Tallinn, Saue municipality, Rae municipality) and Latvia (Riga). The company has delivered 11 projects totalling approximately 180,000 m² of built area, with a further 6 projects currently under construction including Wittenhof (Tallinn), Novotel Tallinn, and Lacplesa Skvers (Riga).

Estmak's portfolio spans Class A office buildings (Explorer), Stock Office hybrid complexes (Versum in Riga), branded apartment hotels (Novotel Living at Poordi 5 in partnership with Accor Group), residential districts (Promenaadi Majad, Kuuseheki), and health/wellness centres (MooW, Lasnamäe Tervisemaja). The company differentiates through sustainability and energy-efficient building technologies: it was the first Estonian developer to deploy 20-metre-deep geothermal energy piles (Promenaadi Majad, 20-30% heating cost savings), operates rooftop solar and battery storage (Versum: 320 kW solar, 610 kWh BESS), and has accumulated first-mover certifications including Estonia's first LEED Platinum (Explorer, 2016), first LEED Gold hotel (Novotel, 2025), and BREEAM 'Good' (Versum, 2025). It is also the first Estonian property developer enrolled in the Makeitneutral carbon-offset programme, planting 10 trees per rental and 100 per sales transaction.

The business operates two revenue streams: one-time sales of completed residential and commercial units (Estonia and Latvia) and recurring rental income from commercial and residential leases across its portfolio. Go-to-market is direct-to-customer via the corporate website and an in-house sales team, with no third-party resellers. Pricing is quote-based and not publicly disclosed. The company is led by CEO Tatjana Arhipova and remains independently owned with no disclosed institutional investors or parent entity.

Name

Estmak Capital

Legal name

Estmak Capital OÜ

Website

https://estmakcapital.ee

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Real Estate Property Managers (53131), Traveler Accommodation (7211), Offices of Real Estate Agents and Brokers (53121)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate (6500), Hotels & Motels (7011)

akta.pro primary industry

Residential Real Estate Asset Management (BPAJAMAA)

akta.pro secondary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

Keywords

• Real estate development
• Sustainable buildings
• Commercial property
• Residential property
• Mixed-use development

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Development and Sales: Estmak Capital develops residential and commercial properties across the Baltic States and sells completed units to end buyers. Revenue is generated through one-time sales transactions for residential and commercial properties.
2. Commercial and Residential Leasing: The company leases office, retail, and residential spaces to tenants on rental agreements. This includes commercial premises in buildings like Novotel, Versum, Explorer, and Promenaadi Majad. Each rental transaction triggers the planting of 10 trees under the Makeitneutral sustainability programme.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Estmak Capital is a Baltic real estate developer that plans, builds, and operates residential, commercial, mixed-use, hotel, sports/wellness, and healthcare properties across Estonia and Latvia. The company sells completed apartments and plots directly to buyers and leases commercial premises to business tenants, integrating geothermal, solar, battery storage, and EV-charging infrastructure into projects certified under LEED and BREEAM standards.

Product overview

Estmak Capital is a real estate development company operating across the Baltic States (Estonia and Latvia) with over 15 years of experience. The company develops residential complexes, commercial buildings, and mixed-use properties, with a portfolio of 11 completed projects and 6 projects under construction. Key products include the EXPLORER Class A office building (LEED Platinum, Tallinn), VERSUM Stock Office complex in Riga (BREEAM Good), the NOVOTEL apartment hotel in Tallinn (LEED Gold), the residential PROMENAADI MAJAD district (A-class energy), WITTENHOF residential-commercial complex, MOOW sports and wellness centre, as well as various residential and mixed-use developments. The company differentiates through sustainable building practices including energy piles, solar panels, EV charging infrastructure, and international green certifications.

Differentiator

Problem solved

Functional benefit

Brands

• Novotel: Apartment hotel project at Poordi 5, Tallinn - Estonia's first LEED-certified hospitality property
• Versum
• Explorer
• Promenaadi Majad
• MooW
• Kuuseheki Elurajoon

Products and services

• WITTENHOF

Quantifiable outcome

• 20-30% savings on heating costs through geothermal energy piles
• +6 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Basfor (Dog Club)minorStrategic or Co-development Partner · 9 June 2025Estmak Capital supports Basfor's dog racing track project by providing land near Tallinn for Estonia's first official dog racing facility. The project includes racing tracks, coursing fields, obedience areas, parking, toilets, spectator stands, a café, and a children's zone. Estmak Capital provides the land at a favourable rental rate to support community enrichment.
• EleportcoreTechnology or IntegrationEstmak Capital partners with EV charging station developer Eleport to install public electric vehicle charging stations that run entirely on renewable energy in all of its buildings. This partnership supports the company's sustainability strategy and provides added value to tenants and visitors.
• MakeitneutralcoreOthersEstmak Capital joined Makeitneutral as the first property developer in Estonia to participate in the sustainability programme. For every rental transaction, the company plants 10 trees; for every sales transaction, 100 trees are planted. This supports the establishment of new forest habitats and carbon neutrality goals.
• Ampere PluscoreTechnology or IntegrationIn partnership with Ampere Plus, Estmak Capital installed a Battery Energy Storage System (BESS) at Novotel Tallinn, making it one of the first large-scale hospitality projects in Estonia to replace traditional diesel generators with an eco-friendly, reliable backup power system. The system ensures instant switchover during grid interruptions and has been approved by Estonia's Päästeamet.
• NOBE (Construction Company)minorImplementation/ SI/ Consulting PartnerNOBE served as the construction company for the Novotel Living apartment hotel project, building the structure that houses the hotel and commercial premises. The company also provided the fence used for the Tallinn Graffiti Festival.
• Travely (Online Travel Agency)minorChannel Partner/ Reseller/ DistributorTravely supported the Tallinn Graffiti Festival as an online travel agency partner, contributing to the promotion of the event celebrating street culture near the ferry terminal.
• Tallinn Mobile Youth Work Team / Central City Youth CentreminorOthersPartners in the Tallinn Graffiti Festival, supporting youth engagement and street art culture. The event brought together real estate companies, the Department of Education, and young artists.
• Spekter (Graffiti Supply Store)minorOthersLocal graffiti supply store that supported the Tallinn Graffiti Festival by providing materials for the event.
• Accor Group (Novotel)coreOEM/ Whitelabel/ Licensing PartnerEstmak Capital developed Novotel Tallinn, which is operated under the international Accor Group franchise. Novotel Living is an apartment hotel concept offering 130 units with kitchens and home-like amenities for extended stays, targeting bleisure travelers, families, and business guests. This is the first Novotel Living property in Estonia.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Pro Kapital Grupp: Baltic-focused real estate developer with premium residential and mixed-use projects in Estonia (Tallinn) and Latvia (Riga). Closely comparable to Estmak's high-end residential and mixed-use pipeline, including large urban quarter developments.
• Merko Ehitus: Estonia's largest listed construction and real estate developer, operating in Estonia, Latvia, and Lithuania with residential, commercial, and civil-engineering projects. Directly comparable in geography, mixed-use product mix, and Baltic market positioning, though materially larger and publicly listed.
• Kapitel: Latvian real estate company focused on commercial property development, management, and long-term ownership in Riga, including the AKROPOLE shopping centers. Comparable to Estmak's commercial real estate activity in Riga (Versum, Lāčplēša Skvers).
• Hepsor: Estonian residential real estate developer listed on the Tallinn Stock Exchange, developing apartment buildings in Estonia and Latvia. Comparable in scale, Baltic focus, and residential/mixed-use product mix, and overlaps directly with Estmak in the Riga market.

Broad incumbents

• Bonava: Swedish-listed residential developer operating in Germany, Sweden, Finland, the Baltics, and other Northern European markets. Comparable to Estmak's residential segment and Baltic footprint, but at much larger scale.
• NCC: Major Swedish construction and property development company active across the Nordics in residential, commercial property, and infrastructure. Comparable in mixed-use development approach and Northern European geography.
• YIT: Large Finnish construction and real estate developer operating across the Nordics and Baltic States in residential, commercial, and mixed-use. A broader incumbent that overlaps with Estmak's mixed-use and sustainable-build focus in Northern Europe.

Others

• Accor (Novotel): Global hospitality operator franchising the Novotel and Novotel Living brands; partner and operator of the Novotel Tallinn apartment-hotel developed by Estmak. Comparable only on the hotel asset within Estmak's portfolio.
• Eleport: Baltic EV charging infrastructure operator and Estmak's partner for renewable-powered EV chargers at its buildings. An adjacent/ecosystem participant whose EV infrastructure strategy is co-deployed across Estmak's portfolio.

Emerging players

• Kawe Realty: Estonian commercial and office property developer active in Tallinn. A smaller, emerging peer with comparable focus on Class A office space in the Tallinn market where Estmak's Explorer competes.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/estmakcapital
• Facebookfacebook.com/estmakcapital
• LinkedInlinkedin.com/company/estmak-capital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Estmak Capital