Poland

Contents
Preface 1
Polish Real Estate Market 3
1.1. Office market 3
1.2. Retail market 11
1.3. Warehouse market 18
1.4. Residential market 23
1.5. Hotel market 28
1.6. Investment market 33
1.7. Key cities in Poland 42
Legal and tax aspects of investing in real estate 57
2.1. Legal background 58
2.2. Investment vehicles and structures 64
2.3. Real estate financing 74
2.4. Acquisition of real estate – asset deal and share deal 86
2.5. Development and construction 101
2.6. Operation and exploitation 111
2.7. Exiting the investment 119
2.8. Sale and lease back 120
2.9. Due diligence as part of the acquisition process 122
Accounting aspects of investing in the
Real Estate market 133
3.1. Polish accounting regulations 133
3.2. Selected Aspects of Accounting for Real Estate under
International Financial Reporting Standards 146
3.3. Selected IFRS issues and their implications for real estate
entities 164
Contact 173
Appendix 183