REIT here, REIT now?
Feature
“The WSE has taken on the role of coordinator of the work clearing the way to allow companies involved in the leasing of commercial real estate to function as REITs,” says Izabela Olszewska, the WSE’s managing director responsible for development
The commercial real estate market in Poland is now dominated by foreign players who own over 90 pct of the country’s office buildings, shopping centres and warehouses. And they are profiting from them – mostly through not having to pay Polish taxes. Polish investors, however, have much more limited space to manoeuvre. The introduction of REITs is set to change all this
The work on adapting Polish law to allow REITs has been in progress for over a year now. However, this is not the first attempt to tackle the issue. As early as 2007, the Construction Ministry was pushing for their introduction. Unlike the current bill, the idea at the time was for REITs to support residential development. The latest concept, however, would entail the complete exclusion of residential properties as the subjects of investment for Polish REITs.
The Warsaw Stock Exchange (WSE) is at the centre of the current efforts to bring in REITs. “The WSE has taken on the role of a coordinator of the work clearing the way to allow companies involved in the leasing of commercial properties to function as REITs,” says Izabela Olszewska, the managing director responsible for development at the WSE. “Our aim is to make the proposals we come up with as good for market players as possible. We are at the stage of examining the approaches ad
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