October 2026
Largest Real Estate Development Public Companies in Estonia
Benchmark revenue and EBITDA valuation multiples for public comps like
EfTEN Real Estate Fund, Liven, Pro Kapital Grupp, Arco Vara and Hepsor.
 | EfTEN Real Estate Fund AS is a closed alternative investment fund. The company invests in commercial real estate that generates cash flow in the Baltic states. It has five business segments (office, logistics, trade, nursing homes, hotels) and three geographical segments (Estonia, Latvia, Lithuania). It generates a majority of its revenue from Retail segment. Geographically, the company generates a majority of its revenue from Estonia. | $22 | -2% | $255M | $426M | 11.5x | 16.1x | ||
| Liven AS is a residential property developer operating in Tallinn and Berlin. The group's business operations are a single operating segment. Its activities cover all stages of the residential development value chain: land acquisition, development, concept design, marketing, sales, and after-sales service. Construction management is outsourced. It currently has eleven development projects at various stages of development. The group's all-new developments are Essence, Special, Regatta, Northern Lights, Juniper, and Others. | $4 | -- | $50M | $103M | 1.9x | 15.4x | ||
| Pro Kapital Grupp AS is an Estonian-based company engaged in the business of real estate. Principally, it is involved in buying and selling as well as renting its own and leased real estate. The company focuses on the development, management, and sale of modern retail and residential real estate across five geographical segments: Estonia, Latvia, Lithuania, Italy, and Germany. The company generates maximum revenue from its business in Germany. | $1 | -47% | $41M | $79M | 1.3x | 4.3x | ||
| Arco Vara AS is a real estate group in the Baltic States. The group is engaged in real estate development and services related to real estate. The main activity of the group is the development of complete living environments and related commercial real estate. In the development of the living environment, the completed homes are sold to the final consumer. The focus of the group is on the development of residential real estate. The company operates in a single segment, which is the construction and development segment. Its primary geographic markets are Estonia and Bulgaria. | $1 | -40% | $20M | $73M | 8.5x | 243.7x | ||
| Hepsor AS is a real estate development company in Estonia. It has the following operating segments: residential real estate; commercial real estate; and headquarters. It generates the majority of the revenue from the residential real estate segment. | $5 | -29% | $20M | $90M | 2.3x | 23.3x | ||
| Elkop Estonia SE operates in the commercial real estate rental sector and owns office, production, warehouse, and retail spaces. Its registered activity in Estonia is the rental and management of its own or leased real estate. | $0 | -21% | $5M | $4M | - | (213.6x) | ||
| AS Trigon Property Development is a real estate development company. Its real estate sales division leases out land and develops real estate. The company's core business activity is property development in Central and Eastern Europe. The company operates in one business segment, which is the sale of real estate. It owns a property development project in the Niidu area, Parnu City, Estonia. | $1 | -12% | $3M | $3M | - | (22.4x) | ||
| Median | $1 | -25% | $20M | $79M | 2.3x | 15.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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