REIT: Polish and international investors are waiting to set up the new law

At the end of March, the REIT Poland Association and powermeetings.eu held a seminar entitled SRWN / REIT – a new investment model in real estate and new investment opportunities in Poland. The event targeted commercial and residential property market professionals as well as the Ministry of Finance, which is currently working on the REIT Act.

The conference was attended by 226 guests (129 companies, 8 countries), who came to hear the viewpoints of 23 speakers and panelists representing both governmental and leading consulting and investment firms from Poland and other EU countries. Attendees included representatives of the Ministry of Finance, the EBRD and EPRA, the Bank Gospodarstwa Krajowego, BGK Nieruchomości, as well Polish companies interested in introducing REIT structures.

The meeting was opened by the Undersecretary of State in the Ministry of Finance, Paweł Gruza together with Małgorzata Kosińska – President of the REIT Polska Association.

Ministry of Finance officials used the occasion to announce that REITs will be possible to set up beginning in January 2018, on the basis of a new act due to be presented in May 2017. At the same time it should be mentioned that the introduction of REITs will be accompanied by the elimination of other options for tax optimization in the real estate industry. Minister Gruza stressed that in situations where companies are able to optimize property taxes in different ways, no tax incentives related to REITs will work. REITs will in consequence be associated purely with real estate investment, an activity which until now has been as a way to dodge taxes.

The next point of the conference was a discussion with Marcin Obroniecki, Deputy Director in the Department of Financial Market Development conducted by Małgorzata Kosińska. Mr. Obroniecki replied to many important questions posed by attendees interested in the shape of the law on REITs that his ministry is creating. The most important issues raised during this session were extending the type of real estate that can be included in REITs to encompass rental residential properties, the reduction of share capital, and the possibility of setting up REITs for capital outside Poland, provided the company is based in Poland and under Polish jurisdiction.

Panelists in the Formal-Legal Panel talked about the clear principles of the conditions that a REIT entity should fulfill and the requirement for transparent reporting procedures. Simon Clubbs, Director of Tax, SEGRO, spoke from his experience in the REIT sector on the London Stock Exchange about UK-based solutions and how the REIT process in Poland could be set up.

The next subject was the Potential of the Polish market and assets featuring panelists from the real estate sector, the Warsaw Stock Exchange, and the S&P Global rating agency. Panelists confirmed that publicizing a portion of the commercial real estate market will result in a significant increase in total capitalization of the stock market and the development of the entire financial market. Listing on a stock exchange provides restrictive control by government bodies and additional investment liquidity, both of which are crucial for individual investors and the protection of their interests.

Patrick Burke, Executive Director-Business Development Leader for Central & Southern Europe at EY, delivered a very well-received presentation on REITs based on experience from the US market. In a simple and convincing way, it showed the principles of REITs in the USA.

The second half of the conference was entitled Expert Panel – Practice and it was divided into two parts:

– Part 1 – international practice and expertise

– Part 2 – Polish practice and expertise

The most important aspect of the discussion on international practice was the emphasis on the benefits enjoyed by most economies in countries following the introduction of REITs.

It was the discussion following the panel on Polish practice that ignited the most intense discussion, in particular the limited legal framework that REITs are being afforded, as they are limited to joint-stock companies with the exception of FIZs, Limited Partnerships and foreign exchanges. Another hotly discussed topic was the approach to the problem of exchange rate differences between euro and the zloty, given that the majority of commercial property lease contracts in Poland are concluded in euro.

In addition to presentations and discussion panels, interviews with our speakers during the conference were conducted. These interviews will be made available to the public shortly.

Taking into consideration both the quality of the speakers that were assembled and the great interest in the conference, the event was a major success. Another meeting is being planned for September, which will build on this meeting, but will contribute greatly to discussion about REITs in Poland, especially since as the Ministry of Finance announced, the shape of the future law should already be known.

Many thanks to all our sponsors, speakers, media partners and attendees & we meet next time in September 2017.

 

 

Małgorzata Kosińska

Małgorzata Kosińska

President
REIT Poland Association

 

Renata Kałużna

Renata Kałużna

Managing Director
powermeetings.eu

Video relation

Partners

General Partner

General Partner

Sponsor

Baker McKenzie is one of the world’ largest law firms with presence in both developed markets and in the areas with the highest economic growth potential. Currently more than 6000 lawyers from 77 offices render services in 47 countries, combining knowledge and business expertise to meet their clients’ high expectations.

Baker McKenzie was the first international law firms to start operations in the Central and Eastern Europe. The Warsaw office opened in 1992. It currently employs 80 lawyers and tax advisors, and therefore belongs to the elite of the largest law firms in Poland. Baker McKenzie offers full legal services in the following areas of expertise: financial markets, mergers and acquisitions, intellectual property and new technologies, real estate, infrastructure, energy, public-private partnerships,  commercial law, tax law, competition law, dispute resolution and arbitration, labour law, foreign direct investments and pharmaceutical law.

Baker McKenzie is one of the most frequently recommended law firms in Poland and worldwide, as shown by its high position in prestigious rankings, such as Acritas, Chambers Global, Chambers Europe and Legal 500.

Sponsor

Cooperation

Cooperation

Cooperation

Organizer

Organizer

Od ponad 10 lat wiodący organizator profesjonalnych i prestiżowych wydarzeń branżowych w Polsce. Organizujemy kongresy, konferencje, szkolenia, seminaria i warsztaty dla różnych sektorów gospodarki oraz zapewniamy specjalistyczne wsparcie i doradztwo w kwestii organizacji imprez, PR i marketingu.

W ciągu ostatniej dekady stworzyliśmy szeroką sieć kontaktów i partnerów w sektorach: energetyki, węgla, paliw, chemii i nieruchomości. Naszym celem jest stworzenie miejsca do dyskusji o nowych trendach i zmianach mających znaczenie dla przemysłu, do nawiązywania nowych kontaktów, jak również do budowania relacji biznesowych pomiędzy naszymi ekspertami, partnerami i uczestnikami.

Programy naszych imprez są zawsze starannie dostosowane do potrzeb i interesów branży, a my jesteśmy dumni z naszej staranności w doborze tematów, prelegentów i partnerów, aby zapewnić najwyższą jakość wszystkich organizowanych przez nas wydarzeń. We współpracy z najlepszymi ekspertami z Polski i zagranicy opracowujemy i organizujemy wydarzenia podyktowane zmianami w otoczeniu legislacyjnym, przeobrażeniami rynkowymi oraz aktualnymi trendami.

Media Partner

Media Partner

CIJ

Media Partner

Media Partner

Media Partner

KRN.pl – Krajowy Rynek Nieruchomości – to ogólnopolski portal branżowy, który oferuje bazę około 800 000 aktualnych ofert nieruchomości i inwestycji mieszkaniowych zamieszczanych przez setki firm (deweloperów, inwestorów i biura pośrednictwa) oraz osoby prywatne z całej Polski. Poza częścią ofertową, istotnym elementem portalu jest część redakcyjna składająca się między innymi z przeglądu aktualnych i istotnych informacji z rynku nieruchomości. Niekwestionowanym atutem portalu jest rozbudowany serwis prawnopodatkowy. Ponadto na portalu KRN.pl publikowane są cykliczne raporty dotyczące sytuacji na rynku nieruchomości.

 

NASZE ATUTY!

 

– ponad 20 lat doświadczenia na ogólnopolskim rynku nieruchomości

– ponad 800 000 ofert nieruchomości

– ponad 300 000 unikalnych użytkowników w skali miesiąca

– ponad 1,5 mln odsłon miesięcznie

– pełna responsywność

– intuicyjna wyszukiwarka

– nowoczesny design

– przejrzysty układ treści

– najświeższe wiadomości z rynku nieruchomości

– rozbudowany dział prawno – podatkowy

Media Partner

Obligacje.pl to serwis skierowany do inwestorów indywidualnych, poświęcony w całości inwestycjom w instrumenty dłużne, z obligacjami korporacyjnymi, bankowymi i komunalnymi na czele. Każdego dnia redakcja Obligacje.pl przetwarza informacje, które mogą zainteresować posiadaczy obligacji lub przyszłych inwestorów. Analizujemy sprawozdania finansowe emitentów obligacji, przeprowadzamy wywiady z zarządami firm, przygotowujemy niezależne analizy lub zlecamy ich przygotowanie autorom zewnętrznym. Informujemy także o przygotowywanych i zakończonych emisjach obligacji. Ponadto publikujemy także komentarze, raporty analityczne i opinie innych ekspertów – analityków domów maklerskich, prawników, zarządzających funduszami obligacji.

Media Partner

Media Partner

Media Partner

Warsaw Business Journal to anglojęzyczny magazyn niezbędny liderom biznesu, którzy chcą trzymać rękę na pulsie i znać najważniejsze trendy, sektory i osobowości polskiej gospodarki. Przedstawia swoim czytelnikom historie, wydarzenia, firmy i osoby, które z sukcesem tworzą polski rynek. Przygotowywany jest przez niezależny i doświadczony zespół, który zna wszystkie zawiłości polskiego rynku.

Learn more

Previous edition

Contact

Other industry events