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The Polish Commercial Real Estate Review 2012

Quality comes first

The data concerning the Polish economy are better than expected. In 2011, GDP amounted to 4.3 percent, placing Poland among top European economies. The Economist observed that someone forgot to tell Poles that we still have the crisis. Certainly, most of them are aware of that fact. It however means a good atmosphere for investments in Poland. The number of investments currently underway may serve as a confirmation. In this publication we present over 100 most important investments in retail, office and warehouse real estates in the country. We invited top companies related to the commercial real estate industry to cooperation: DTZ, Ernst & Young, and TPA Horwath.

Our aim was to present topics which affect efficient operations under the current market conditions. Owing to this substantive cooperation, we are able to present issues related to transactions in this market, tax-optimisation, financing and management. The future is currently extremely unpredictable. In Europe, the number of transactions will probably not increase until 2012. However, there are positive signals reaching us from many markets. We would like to encourage you to check how Poland looks like against that background. The most important question concerns financing real estate investments.

Due to the capital-intensive character of investments in the real estate market, the matter of financing such projects is one of the key factors affecting the success of the investment. Against the background of these events, the commercial real estate in Poland is still evaluated positively. Foreign investors (mostly investment funds) interested in acquiring Polish shopping centres may be cautions in their purchase plans and the yields from investments may have dropped a little; nonetheless, according to analysts, it is hard to say that there is a crisis in the Polish real estate market.

Airports, similarly to other transport hubs, have a really huge investment potential, which may be used not only by airport operators but also by most participants in the real estate market, starting from shipping companies which use the air transport to developers, hotel operators and investors. Competition in the rental property market prompts landlords to propose solutions encouraging the usage of their services. Landlords assume that even a significant incentive granted to a tenant at the beginning of tenancy will be reimbursed during the term of the agreement.

Due to changing market conditions, rising competition and an increase in consumers’ demand towards the offer and functionality of shopping centres, the meaning of appropriate asset management grows in importance. In order to keep up with the changing economic, social, technological and legal conditions, owners of commercial real estates must offer high-quality space, properly managed by highly qualified professionals.

You will find all that in our publication.

CONTENT

As one door shuts, another opens ….06

Sources of financing for real estate and construction industries – tax aspects (bank credit, leaseback, shareholder loan, open-ended funds and private equity) …12

Methods of real estate acquisition – tax chances and threats …16

The process of due diligence in real estate transactions …20

Creating value of a project by optimizing income taxation. The decline of existing models, or new opportunities?...25

Synergy at Polish airports – development prospects of Airport Cities …30

Property Value Maximization …34

Incentives for tenants …38

Refurbishment and redevelopment of shopping centres …44

The List of investments…48

Contents Partners …110

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