Pontos sells its holdings in Viru Keskus to long-term co-owner

Pontos sells its holdings in Viru Keskus to long-term co-owner
Located in the historical heart of Tallinn right next to the Old Town, a UNESCO World Heritage Site, Viru Keskus is the most visited place in Estonia.

Pontos has signed an agreement on selling its holdings in Viru Keskus, Tallinn to Estonian real estate companies AS Kapitel and Tristafan Oü. Kapitel has been a minority owner of the company before the sales. The leasable surface area of the center covers approximately 29,000 m², and nearly 100 shops currently operate in the center. The sales will not come into effect before approval from the Estonian Competitive Authority. The parties do not disclose the price of the transaction.

Pontos and Kapitel have collaborated on developing Viru Keskus since its construction in 2004. The center, which is located in the heart of Tallinn, by the Old Town, saw its largest renovation to date completed this spring. The renovation covered 90 percent of the center’s surface area.

”Viru Keskus has been a large and successful investment for Pontos. During our ownership, Viru Keskus has seen two renovation processes and evolved into a modern shopping and city center that has more than 13 million annual visitors and is fully leased. The Viru Keskus team has done an excellent job, and we are pleased with the center being able to continue to blossom under the management of Kapitel and Tristafan,” says Pontos’ Investment Director, Real Estate, Päivi Tomula.

The success of Viru Keskus’ has been fueled by the good collaboration between owners and strong competence within the team. ”As an owner, Pontos has been a pioneer in energy efficiency, sustainable development and digitalization. We believe that increasing the ownership of Viru Keskus is a logical step that is well suited for Kapitel’s long-term strategy. We will continue to develop the center together with Viru Keskus’ competent team,” states Chairman of the Management Board of Kapitel and a Member of the Viru Keskus Council Taavi Ojala.

In addition to its customer experience and experientiality, Viru Keskus is a pioneer in use-phase environmental responsibility. Last year the company received, for the second year in a row, the highest sustainability recognition LEED Platinum Operations & Maintenance as the only shopping center in the Baltics. Viru Keskus has long produced total energy savings of 15 percent by using the self-learning, AI-based software by Pontos’ other portfolio company R8 Technologies.

Pontos continues as an owner of Viru Hotel, which is part of Viru Square.


More information: 

Päivi Tomula 

Investment Director, Real Estate, Pontos Group, +358 40 643 2809 


Pontos Group is a Finnish family office that invests in real estate, real estate development, real estate digitalization, growth companies and private equity funds. The company is an active and long-term owner committed to the continuous development of its portfolio companies. It invests in real estate and companies in Finland and its surrounding area as well as private equity funds globally. Pontos seeks to increase investments in the digitalization of the real estate industry and the development of real estate lifecycles, all the way from construction to usage. The company seeks to develop cities and population centers in a way that is sustainable for people and the environment. 

Viru Keskus is the flagship of Estonian retail for 20 years, offering the selection, quality, and shopping experience that is hard to surpass. Located in the historical heart of Tallinn right next to the Old Town, a UNESCO World Heritage Site, Viru Keskus is the most visited place in Estonia. Over 115 shops and service points operated by international players together with local heroes have more than 13 million annual visits. Viru Keskus recently underwent the most extensive reconstruction in its 20-year history as 90 percent of the centre was fully renovated. 47 completely new and 39 renovated stores opened their doors, in addition to unique Viru Food Hall (Toidutänav) and wellness floor Ilusfäär, which brings together beauty and health services. Viru Keskus is an urban world with an excellent selection and the best shopping experience.

Kapitel is one of the largest real estate companies in the Baltics, with a portfolio of more than 270,000 m² of rental premises. The company is a large shareholder in four shopping centers (Spice and Spice Home in Riga, Panorama in Vilnius and Viru Keskus in Tallinn) and owns five office buildings (Delta Plaza and Sõpruse Ärimaja in Tallinn, Elemental Business Centre in Riga, Narbuto 5 in Vilnius and I.P. Pavlova 5 in Prague). Kapitel also owns Nordic Hotel Forum (operated by Nordic Hotels OÜ) and, together with Infortar AS, co-owns Tallink City Hotel (operated by Tallink Hotels). Kapitel also has a 50% shareholding in Kapitel Logistics OÜ, which owns two logistics centers on the Tallinn Ring Road. Kapitel has Arter quarter in Tallinn in construction phase. More information:

Tristafan OÜ is a holding company based on 100% Estonian capital. The Tristafan OÜ consolidation group includes six subsidiaries and eight affiliates in Estonia, Latvia and Lithuania. The main areas of activity of the group companies are real estate leasing and development, sales and technical servicing of construction equipment and agriculture.

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More information:

Tomula Päivi

Päivi Tomula

Investment Director, Real Estate

+358 40 643 2809