` Aivar Taro | COBALT

Aivar Taro

Partner / Estonia


Aivar Taro is a Partner at COBALT and head of the fields of real estate, construction and energy. Aivar has long-term experience in large-scale real estate transactions with both domestic and international companies, including the acquisition and sale of commercial, industrial and other types of real estate as well as development projects. He also has extensive experience in advising real estate developments, which renders him able to offer valuable counsel to clients during the entire course of the development process, including the planning procedure, construction process, matters pertaining to lease, financing, and the completion of the project. Aivar has participated in advising numerous lease transactions, including sale and leaseback transactions, leasing build to suit lease objects and managing the lease portfolios of shopping centres. He additionally has impressive experience in the energy sector, including advising renewable energy projects, acquisition transactions of energy companies and projects for creating new generation capacity. Some of his works include advising the sale of the Baltic real estate portfolio of Geneba Properties N.V to Laurus S.a.r.l, development and sale of Mustamäe Centre to East Capital, acquisition of Solaris and Bauhof by Partners Group, and advising Nelja Energia, the leading renewable energy company in the Baltics, upon the acquisition, construction and operation of various wind farms.

Aivar has been a member of the Estonian Bar Association since 2004.


  • Chambers Europe, Real Estate, Ranked Lawyer, Band 1 – 2009 – 2024
  • The Legal 500, Real Estate and Construction, Hall of Fame – 2020 / 2021 / 2022 / 2023 / 2024
  • IFLR 1000, M&A, Notable Practitioner – 2021 / 2022
  • Chambers Europe, Energy, Ranked Lawyer – 2019
  • IFLR 1000, Real Estate, M&A, Notable Practitioner – 2019


  • Estonian, English, German, Russian

Membership & education

  • Estonian Bar Association (2004)
  • Master of Arts in Law (M.A.), University of Tartu, Faculty of Law, Estonia, cum laude (2002)
  • University of Konstanz, Erasmus exchange programme, Konstanz, Germany (2001-2002)

Mirova invests in Baltic Storage Platform, a joint venture between Corsica Sole and Evecon

Via3L Spedition OÜ won in court against firm’s former managers

Warmeston OÜ acquires Brocēni cogeneration plant and pellet factory in Latvia from Enefit Green

VKG sold VKG Elektrivõrgud to Baltcap

FootonVolt OÜ sold Estonia’s first industrial solar park to KC Energy OÜ

COBALT advised Tallinn City on renegotiating with Vivatex Holding and BCA Center PPP contracts for the lease of ten school buildings

COBALT advised Pakrineeme Sadama OÜ on selling its property to the state

COBALT advised Mirova Energy Transition 5 S.L.P on signing a contract with renewable energy developer Evecon OÜ

COBALT advised the sale of district heating network company VKG Soojus to Gren

COBALT advises Neo Performance Materials Inc. upon development of magnet manufacturing plant in Estonia

COBALT advised Viru Keemia Grupp on buying Stockmann department stores

COBALT advised OÜ Mirrow Institute on acquiring a majority stake in DAS Group OÜ

COBALT advises Treeland OÜ in the acquisition of a majority stake in Lido AS

COBALT advised on sale of 50% of logistics company Nordassets

COBALT advises Flügger on gaining the majority stake in Eskaro group

COBALT advises Ardian on acquiring Nevel Oy

COBALT advised Capfield on receiving a loan of EUR 85 million

COBALT advised a joint venture of the clients of Partners Group and Northern Horizon Capital in the sale of SEB’s head office to East Capital

COBALT advised Steel Import Finland Oy on acquiring FinEst Metallid

COBALT advised Baltic Agro Machinery OÜ on the sale of John Deere business

COBALT advised Laurus S.a.r.l. on the sale of Valge Maja office building

COBALT advised Danske Bank in sale of its main building in Tallinn

COBALT advised Silberauto on selling its business in Estonia and Lithuania

COBALT advised Corum Origin on acquiring Harmet’s production facility in Estonia

COBALT advises MCF Group Estonia on developing a data centre in Estonia

COBALT advised European Diversified Infrastructure Fund II on investment in Utilitas, leading private Estonian energy group

COBALT advised Pirita Tee Development OÜ on the sale of Kadrioru Ärikeskus in Tallinn to EfTEN

COBALT advised Port of Tallinn on its IPO and listing on Nasdaq Tallinn Stock Exchange

COBALT advised AS Gildhall on sale of Marienthal commercial centre in Tallinn

COBALT advised Baltic Horizon Fund on acquisition of Postimaja shopping center

COBALT advised Baltic Horizon Fund on acquiring Piirita shopping centre

COBALT advised French real estate fund Corum on the acquisition of Prisma shopping centre

COBALT advised Laurus S.à r.l. in the sale of Hobujaama 4 office building to Colonna

COBALT advised Arvo Pärt Centre regarding the construction procurement of the new building

COBALT advised Geneba in sale of Baltic real estate portfolio to Laurus

COBALT advised development of Mustamäe Keskus and its sale to East Capital for EUR 27.5 mln

COBALT advised a joint venture of Partners Group and Northern Horizon Capital in the sale of Vesse retail park in Tallinn to East Capital

COBALT counseled Nelja Energia, the largest producer of renewable energy in the Baltics, in issue of bonds in the amount of 50 million euros

COBALT counselled Nelja Energia in relation to increase of holding by majority shareholder Vardar Eurus by 17%

COBALT counselled sale of 50% holding in Apollo store chain

COBALT counselled developers of Mustamäe Centre in sale of leisure and shopping centre with the most modern multiplex in the Baltics to East Capital

COBALT advises the developers of Mustamäe Centre in the development of a shopping and recreation centre with the most modern multiplex cinema in the Baltics

COBALT advised the purchase of Annelinna Prisma

COBALT advised sale of Telliskivi Loomelinnak

COBALT advised AS Forum Cinemas in a sale and leaseback transaction of Coca-Cola Plaza

COBALT advised Baltic Agro on the acquisition of the bankrupt Werol Tehased

COBALT advised Estonia´s largest wind farm companies Freenergy, Vardar Eurus and Nelja Energia in the merger under the single name of Nelja Energia

COBALT acts as legal advisor to innovative venture capital investment

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Sources praise him as a "well respected" and "excellent and experienced professional."
Chambers Europe 2021, Real Estate