P&E Capital is the investment office for the Piilmann family. Our primary goal is to preserve and grow our capital base over the long term. We engage in a broad range of investment activities across various asset classes and geographies.

Pecapital

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.

 

Telliskivi TLN is a multipurpose business, leisure and cultural centre located next to the Tallinn central train station between Kalamaja district and Old Town.

  • Investment year: 2002
  • GLA: 25 000 m2
  • P&E Capital interest: 65%

 

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

 

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%

 

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

 

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%

 

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%

toosikannu

 

A unique nature park in the Baltic region.

  • Investment year: 2005
  • P&E Capital interest: 100%

 

The company's strategic goal is to sustainably manage and increase forest ownership.

  • Investment year: 2005
  • P&E Capital interest: 100%

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.

 

We hold a 39% interest in VKG, one of the leading industrial and energy groups in Estonia. VKG's roots date back to 1924 and the company employs nearly 1,500 people.

 

Cleantech business focused on developing and distributing building-integrated solar roofs.

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.

 

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.

 

Founded in 2022, Padelstar is one of the leading padel operators in the Baltic countries.

Our People

Kristjan Piilmann

Kristjan Piilmann

Kristjan is responsible for our investment strategy.

Kersti Ojala

Kersti Ojala

Kersti manages the daily activities of P&E Foundation.

Ave Peekmann

Ave Peekmann

Ave is responsible for our finance and accounting function.

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.

Priit Seeman

Priit Seeman

Priit looks after many of our investments.

Tuuliki Tammearu

Tuuliki Tammearu

Tuuliki looks after our people.

Philanthropy

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.

Estonian Cancer Society

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Donation for the purcahase of a mobile CT scan. It enables to carry out lung cancer screenings and detect cancer foci at a very early stage when the treatment is most effective.

Donation agreement: 2023 October
Project deadline: 2024 September

Narva City Development Foundation

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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

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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.

Donation agreement: 2025 May
Project deadline: 2027 October

Perekodu Foundation

Tallinna Lastehaigla logo

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.

Donation agreement: 2025 November
Project deadline: 2027 August

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