Millerhawk
Millerhawk is a Tallinn-based investment manager focused on Baltic commercial and residential real estate, owning and developing grocery-anchored retail and mixed-use assets leased to tenants including Maxima, Prisma, Selver, and Bauhof across Estonia, Latvia, and Lithuania.
- Company typePrivate
- Founded2020
- HeadquartersTallinn, Estonia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Millerhawk does
Millerhawk is an Estonian-headquartered, privately held investment management firm focused on Baltic commercial and residential real estate. Founded in 2020 as a private limited company with 1-10 employees and operations in Estonia, Latvia, and Lithuania, the firm runs a portfolio anchored by grocery- and DIY-anchored retail centers leased to tenants including Maxima, Prisma, Selver, Bauhof, Coop Pank, and A1M, with assets spread across regional Estonian cities such as Viljandi, Maardu, Valga, Kuressaare, Haapsalu, and Võru. The team — led by founder Marko Kull (active in Baltic real estate since 2006) and CEO Anastassia Mebald (ex-KPMG, EY, Luminor Bank) — cites more than €600 million in cumulative real estate transactions over a 20-year period, although the firm itself is comparatively young and small.
The firm operates a multi-stream business model: management fees on assets under management, rental income from owned commercial real estate, capital appreciation on property holdings, and development profits from new-build projects. Active ground-up projects include Papiniidu 50 (mixed-use, approximately €16M total value) and Koplipere tee 5 (retail, approximately €15.8M, pursuing LEED Gold certification). Residential development is run through subsidiary AvalonEstates (which is also handling the Tiskreõue plot divestiture), and an in-house ESG/sustainability advisory is offered via subsidiary Greenmetrix. Recent deployment includes a four-building Swedish portfolio (14,300 m², approximately €1.2M annual rent) acquired in 2025, with Coop Pank acting as development financing partner.
Pricing and go-to-market are largely relationship-driven: anchor-tenant leases are negotiated directly with Baltic retail chains, and development partnerships are struck with local contractors and a single disclosed bank. Customer concentration sits in a small set of retail tenants, the team is lean relative to the asset base, and there is no publicly disclosed financial data, no venture funding history, and no AI/ML capability referenced.
Millerhawk firmographics
Firmographics- Name
- Millerhawk
- Legal name
- Millerhawk OÜ
- Website
- https://millerhawk.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Millerhawk is a Tallinn-based investment manager focused on Baltic commercial and residential real estate, owning and developing grocery-anchored retail and mixed-use assets leased to tenants including Maxima, Prisma, Selver, and Bauhof across Estonia, Latvia, and Lithuania.
- Ownership category
- akta.pro rank
Millerhawk industry classification
Industry- Product category
- Real Estate Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- ESG/Sustainable Investment Advisory (FSAEAAAJ)
- akta.pro secondary industries
- Corporate Strategy Advisory (BPAHADAA), Buy-Side M&A Advisory (FSAEAGAB)
Keywords
Where Millerhawk is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices1 record
Markets served
Millerhawk business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Asset Management Fees: Management fees from overseeing diversified real estate portfolio investments for institutional and private investors
- Property Value Appreciation: Returns generated through redevelopment, repositioning, and active management of properties to enhance value before selling as core or near-core properties
- Rental Income: Long-term lease arrangements with anchor tenants such as Maxima, Prisma, Selver, and Bauhof generate stable rental income streams
- Development Profits: Profits from development projects such as Koplipere tee 5 stock-office and Papiniidu 50 residential/commercial center, including sale of completed units
Go-to-market motion1 record
Distribution channels4 records
Marketing channels3 records
Millerhawk product offering
Product offeringCore offering
Millerhawk is an investment management company that acquires, develops, and actively manages commercial, retail, industrial, and residential real estate assets across the Baltic capitals (Estonia, Latvia, Lithuania). It deploys a hybrid value-add and core investment strategy with a focus on ESG-compliant properties, earning asset management fees, rental income, and development profits from investors and anchor retail tenants.
Product overview
Millerhawk is a unified investment management platform rather than a modular platform-plus-products architecture. The core offering is Millerhawk itself—a real estate investment management company operating across three integrated divisions: the main Millerhawk entity handles commercial and industrial real estate investments; AvalonEstates OÜ (branded as Avalon) manages residential property development and sales; and Greenmetrix OÜ provides energy efficiency and sustainability advisory services. Together they deliver end-to-end real estate investment from acquisition through development, management, and sustainable optimization. The portfolio spans retail (Bauhof, Maxima, Prisma, Selver), office (Skyon, Maakri Quarter), industrial (Koplipere, Vana-Narva), and mixed-use developments across Estonia, Latvia, and Lithuania.
Differentiator
Problem solved
Functional benefit
Brands
- Avalon: Residential property development brand operated by AvalonEstates OÜ, focused on apartment and housing developments in Estonian markets.
Products and services
- Millerhawk Real Estate Investment Management Core investment management service for institutional investors and HNW individuals targeting commercial, retail, and industrial real estate across Estonia, Latvia, and Lithuania. Combines value-add and core strategies with active management and ESG screening.
- Commercial Real Estate Portfolio Diversified portfolio of commercial buildings for lease and sale across the Baltic region, including retail-anchored centers, office buildings, industrial stock-office space, and mixed-use developments with tenants such as Maxima, Prisma, Selver, Bauhof, and Coop Bank.
- Avalon Residential Property Development Residential property development and sale of apartments and private houses under the Avalon brand via AvalonEstates OÜ subsidiary. Includes developments such as Avalon Plaza, Tiskreõue, and Papiniidu 50 (Pärnu).
- Property Management Services Active property management services including tenant restructuring, rental term optimization, and operational improvements to maximize the value of assets under management across the Baltic region.
- Energy Efficiency and Sustainability Advisory Advisory service helping real estate developers and owners improve building energy efficiency and sustainability, including coordination of LEED certification processes such as LEED v4 Operations and Maintenance: Retail Gold for the Ahtme Maxima building.
Quantifiable outcome
- 300-400 bps yield premium compared to core EU peers
- +2 more outcomes
Companies that use Millerhawk
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Millerhawk technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Millerhawk partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Eco Advice KinnisvaracorePurchased four plots from AvalonEstates in Tiskreõue development for residential construction. Continuing development of 29 apartments (mostly 4-5 rooms) with long-term residential property development experience.
- Ragoza OÜminorInvestment company that purchased the four Tiskreõue plots from AvalonEstates for further residential development.
- EhitustrustcoreMain contractor for Papiniidu 50 development in Pärnu. €15.8 million construction contract for the business and residential center. Ehitustrust noted complex geological conditions and simultaneous construction of two buildings.
- Colliers BalticscoreInvestment advisors who advised Millerhawk on the acquisition of the Swedish real estate portfolio comprising four commercial buildings (14,300 m²) in Haapsalu, Kuressaare, Valga, and Võru.
- WallesscoreLegal adviser for the Swedish portfolio acquisition transaction. Partner Minni-Triin Park provided legal counsel on the deal.
- NOBEcoreConstruction partner for Koplipere tee 5 stock-office development. NOBE served as the main contractor for the 5,400 m² warehouse and production building completed in 2025. CEO Priit Nigols participated in topping out ceremony.
- 1PartnercoreStrategic partner involved in Koplipere tee 5 development project alongside Millerhawk, NOBE, and AvalonEstates teams.
- AvalonEstates OÜcoreSubsidiary of Millerhawk specializing in residential property investment and development. Manages residential developments including Tiskreõue and sold properties to Eco Advice Kinnisvara.
- Greenmetrix OÜcoreSubsidiary of Millerhawk that advises real estate developers and owners on energy efficiency and sustainability. Coordinated LEED certification for Ahtme Maxima and assists Papiniidu 50 development with LEED certification.
Scale indicators4 records
Recent moves9 records
Expansion highlights5 records
Millerhawk competitors and assessment
Company assessmentBroad incumbents
- JLL: Global real estate investment management and advisory firm. Broad incumbent operating across capital markets, asset management, and advisory functions relevant to Millerhawk's investor and tenant relationships.
- Schroders Real Estate: Global real estate investment manager within Schroders, with European value-add and core strategies. Broad incumbent targeting institutional investors in real estate, analogous to Millerhawk's institutional LP base.
- Nuveen Real Estate: Global real estate investment platform (TIAA/Nuveen) with European value-add and core strategies. Broad incumbent serving institutional investors with diversified real estate exposure including ESG-mandated capital.
- CBRE Group: Global real estate services and investment firm with substantial Baltic presence (CBRE Baltics). Broad incumbent providing investment advisory and transaction services that overlap with parts of Millerhawk's investor-facing role.
Direct peers
- Capital Mill: Estonian real estate investment and development firm managing commercial and residential assets across the Baltics. Direct peer given overlapping Baltic commercial real estate focus and similar asset profile.
- EfTEN Capital: Estonian investment manager operating EfTEN Real Estate Fund, focused on Baltic commercial real estate with anchor-tenant assets. Closest direct peer to Millerhawk in geography, asset class, and value-add/core strategy.
- Hepsor AS: Tallinn-listed Estonian real estate developer active in residential and commercial projects across the Baltics. Direct comparable given shared Baltic market footprint and active development pipeline model.
- Lumi Capital: Estonian real estate investment firm focused on Baltic commercial properties with active asset management. Direct peer in Baltic commercial real estate acquisition and repositioning.
Regional players
- Lords LB Asset Management: Lithuanian asset manager with Baltic real estate investment activity. Regional peer serving the same Baltic market with comparable commercial real estate focus from a different national base.
- East Capital Real Estate: Swedish-based asset manager with dedicated Baltic real estate strategies. Regional peer combining Nordic capital with Baltic property deployment, similar to Millerhawk's Nordic-seller acquisition pattern.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Millerhawk social profiles
Digital presenceMillerhawk compliance and trust
Trust signalCompliance2 records
Millerhawk financial estimates
Financial estimateRevenue estimate
Valuation estimate
Millerhawk leadership team
Management profileNumber of profiles
Profiles6 records
Millerhawk subsidiaries and ownership
Company hierarchySubsidiaries2 records
Millerhawk funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Millerhawk M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Millerhawk
What does Millerhawk do?
Millerhawk is an investment management company that acquires, develops, and actively manages commercial, retail, industrial, and residential real estate assets across the Baltic capitals (Estonia, Latvia, Lithuania). It deploys a hybrid value-add and core investment strategy with a focus on ESG-compliant properties, earning asset management fees, rental income, and development profits from investors and anchor retail tenants.
Is Millerhawk a public or private company?
Millerhawk is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Millerhawk founded?
Millerhawk was founded in 2020. It employs 1 to 10 people.
Where is Millerhawk based?
Millerhawk is headquartered in Tallinn, Estonia, in the Europe region.
How does Millerhawk make money?
Four revenue lines are on record. Asset Management Fees are the primary driver. The others are property Value Appreciation, rental Income and development Profits.
Who are Millerhawk's main competitors?
Broad incumbents on record are JLL, Schroders Real Estate, Nuveen Real Estate and CBRE Group. Direct peers are Capital Mill, EfTEN Capital, Hepsor AS and Lumi Capital. Regional players are Lords LB Asset Management and East Capital Real Estate.
Does Millerhawk have an API?
No public API is recorded for Millerhawk.
What industry is Millerhawk in?
Millerhawk's product category is Real Estate Investment Management. Its primary akta.pro industry code is FSAEAAAJ, ESG/Sustainable Investment Advisory, with a secondary code of BPAHADAA, Corporate Strategy Advisory. Its NAICS code is 52394 and its SIC code is 6282.