Polish Real Estate Investment Trust - evaluation of the legal structure and its impact on the Polish commercial real estate market
Mariusz Ruta
The Nicolaus Copernicus University in Toruń , PolandKarolina Adamczyk
SGH Warsaw School of Economics , PolandAbstract
Real Estate Investment Trusts are successfully operating in many countries. Lack of adequate regulations in Polish legislation blocks the possibility of creating national tax – privileged companies investing in real estate. As a result, the market is dominated by foreign entities. Such situation may change due to the implementation of Polish Real Estate Investment Trust called SRWN. This article aims to verify whether the implementation of new legislative solutions will increase the participation of national stakeholders in financing commercial real estate market and whether the shares of such companies may become an attractive financial instrument for individual investors and open investment funds in Poland. The article contains detailed assessment of the proposed legislative solutions using the legal- dogmatic method, both literal, teleological and systematic interpretation of legal norms and also legal- comparative methods based on the experience of other European countries, where such a structure was introduced. It also identifies areas requiring clarification and regulations that may raise doubts and potential difficulties for those who would like to establish Real Estate Investment Trust in Poland. The results of the analysis indicate that the implementation of the proposed law regulations, after clarification of vague and questionable issues, will be beneficial to increase the participation of domestic investors, both individual and institutional, in financing the commercial real estate market in Poland.
Keywords:
commercial real estate market, Real Estate Investment Trust, SRWNReferences
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The Nicolaus Copernicus University in Toruń
SGH Warsaw School of Economics
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
