Direct Investments
Real Assets
P&E Capital is one of the largest commercial real estate investors in the Baltic countries. Together with our long-term co-investors and partners we seek to invest in properties with significant scale, development potential and complexity. Our current portfolio consists of 130 000 m2 of prime commercial real estate with substantial further development potential. We also invest in forest and land assets.
Solaris Centre, Tallinn
Solaris Centre is a modern cultural, entertainment and shopping centre in the heart of Tallinn. The centre offers top-class entertainment and cultural facilities, including cinemas, concert and theatre halls. It is complemented by a wide range of cafés, restaurants and shops, and there is also a convenient underground car park in the building.
- Investment year: 2025
- P&E Capital interest: 65%
- GLA: 36 000 m2
Uus-Maakri Quarter, Tallinn
The Uus-Maakri quarter is located at Liivalaia 49//53 and Maakri 25. In the heart of the quarter is the iconic Stockmann department store. On its 5th floor – KORRU5 – are health, beauty and culinary experiences and this is where Medicum health center is located. The quarter has a 400-space parking garage and the Workland co-working center operates in the historic Maakri 25 business building.
- Investment year: 2021
- GLA: 23 000 m2
- P&E Capital interest: 39%
Janvara 13, Riga

Retail and leisure centre located next to Riga's Rail Baltica terminal, central market and bus station with Stockmann department store and Forum Cinemas as anchor tenants.
- Investment year: 2022
- GLA: 25 000 m2
- P&E Capital interest: 39%
Roosikrantsi 2, Tallinn

Iconic office building situated at the Tallinn Freedom Square with Tallinn City as anchor tenant.
- Investment year: 2001
- GLA: 9 000 m2
- P&E Capital interest: 42%
Karamelli 6, Tallinn

Strategically located at the intersection of two of Tallinn's major roads, Pärnu maantee and Järvevana tee, the office building boasts convenient parking and counts Töötukassa and Catwees as anchor tenants.
- Investment year: 2011
- GLA: 11 000 m2
- P&E Capital interest: 65%
Energy & Industrials
We have a long track record of investing in energy and industrial assets ranging from fuel distribution, energy infrastructure, oil shale mining and refining as well as renewable energy generation. Today, we continue investing into industrial and energy assets, mainly through our portfolio company Viru Keemia Grupp.
Healthcare
We also seek direct investments in the broader healthcare universe and are particularly focused on partnering with strong management teams on developing opportunities with favourable long-term subsector dynamics.
Comac Medical
P&E Capital worked closely with and backed Edgecap Partners' acquisition of a majority stake in Comac Medical, a leading full service clinical research organisation in Southeast Europe. Edgecap Partners is Tallinn- and London-based mid-market private equity and growth capital firm targeting investments into high-quality companies in Europe.
Our People
Kristjan Piilmann
Kristjan Piilmann
Kristjan is responsible for our investment strategy.
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Kersti Ojala
Kersti Ojala
Kersti manages the daily activities of P&E Foundation.
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Ave Peekmann
Ave Peekmann
Ave is responsible for our finance and accounting function.
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Eve Piilmann
Eve Piilmann
Eve provides patronage and looks after P&E Foundation.
Alo Kippasto
Alo Kippasto
Looks after our real estate projects & property management.
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P&E Foundation
P&E Foundation is a non-profit organization founded in 2022 by the Piilmann family, focused on promoting sustainable living in Estonia. We seek for initiatives with high social impact in the fields of healthcare, education and environment that need support in making a substantial investment. We support the lack of capital and project implementation with consulting, involving experts and contacts from our network if necessary.
For inquiries and project recommendations, please contact Kersti Ojala: kojala@pecapital.eu.
Narva City Development Foundation
A multifunctional sports hall will be built in the Äkkeküla sports and recreation center in Narva. This project will enable a major regional developemt leap in an important region in Estonia and shall contribute to people’s health and quality of life.
Donation agreement: 2025 April
Project deadline: 2027 December
Tallinn Children's Hospital Foundation
Our donation is for the reconstruction of the anesthesiology and intensive care clinic and the neonatal and infant department. This will allow the hospital to improve the quality of care, increase family involvement in the treatment process, increase staff satisfaction with the work environment and improve employee safety.
Project deadline: 2027 October
Perekodu Foundation
Perekodu offers social and educational services to children with severe disabilities from Viljandi County and beyond. With the donation, we support the construction of a new main building, where a school, kindergarten and childcare for children with special needs will operate. There will be a rehabilitation center and a shelter home will be established as a new service. With the donation, we want to offer better conditions and more social cohesion to the affected families and staff.
Project deadline: 2027 August























