Lessons from the US and German Reit Markets for Drafting a Polish Reit Act

Abstract

Investors are increasingly allocating capital into the real estate market through indirect investment vehicles such as REITs. There are currently no classic REITs in Poland, but given the experience of other countries and the expectations of Polish investors, an act is being prepared to regulate their functioning. The introduction of legal regulations regarding REITs has not always resulted in successful proliferation of these vehicles in each country. The German market for G-REITs is such an example, were only six G-REITs have evolved. There is also the example of the market in the United States, where extremely dynamic development of such institutions has been observed, especially in the recent years. At the end of 2019, 219 institutions of this type were operating on the US market.

Keywords

• reit
• legal conditions of reit activity
• real estate market
• poland
• l85
• r39