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1 The Polish commercial 2012 REAL ESTATE REVIEW Nieruchomości komercyjne w Polsce issn Cena 98 (w tym 8% VaT)

2 march Cannes Palais des Festivals 4 days to attend the leading Real Estate exhibition & conference 18,600 unique participants 4,000 investors 1,800 exhibiting companies 90 countries 1 Country of Honour: Germany 2012 Find the most promising projects and powerful partners, gain critical industry insight, meet the world s most influential real estate players at mipim Building global opportunities MIPIM is a registered trademark of Reed MIDEM. All rights reserved.

3 03 Quality comes fi rst T he 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 Jakość przede wszystkim d ane dotyczące polskiej gospodarki są lepsze niż oczekiwano PKB w 2011 r wyniosło 4,3 proc, co plasuje nas w czołówce gospodarek europejskich The Economist zauważa wręcz, że Polakom zapomniano powiedzieć, że nadal panuje kryzys Z pewnością większość jest tego świadoma Oznacza to jednak dobry klimat dla inwestycji w naszym kraju Potwierdzeniem tego jest liczba tych, które są realizowane obecnie W publikacji prezentujemy ponad 100 najważniejszych inwestycji w nieruchomości handlowe, biurowe i magazynowe w kraju do współpracy zaprosiliśmy czołowe firmy związane z branżą nieruchomości komercyjnych: dtz, Ernst & Young, TPA Horwath Naszym celem było przedstawienie tematów, które mają wpływ na sprawne funkcjonowanie w obecnych warunkach rynkowych dzięki merytorycznej współpracy możemy zaprezentować zagadnienia związane z transakcjami na tym rynku, optymalizacją podatkową, finansowaniem i zarządzaniem Przyszłość jest obecnie wyjątkowo nieprzewidywalna W Europie liczba transakcji prawdopodobnie nie wzrośnie w 2012 r Z wielu rynków dopływają jednak pozytywne sygnały Zachęcamy do sprawdzenia, jak wypada Polska na tym tle Najważniejsze pytanie dotyczy finansowania inwestycji nieruchomościowych Z uwagi na kapitałochłonny charakter inwestycji na rynku nieruchomości kwestia finansowania takich projektów jest jednym z kluczowych czynników przesądzającym o powodzeniu inwestycji Na tle tych wydarzeń polski rynek nieruchomości handlowych nadal jest oceniany pozytywnie Zagraniczni inwestorzy (głównie fundusze inwestycyjne) zainteresowani nabywaniem polskich centrów handlowych są wprawdzie ostrożni w swoich planach zakupowych, a stopy kapitalizacji inwestycji odnotowały pewien spadek, niemniej zdaniem analityków trudno mówić o kryzysie na polskim rynku nieruchomości Porty lotnicze, podobnie jak inne węzły komunikacyjne, posiadają bardzo duży potencjał inwestycyjny, który może zostać wykorzystany nie tylko przez operatorów lotnisk, ale również przez większość uczestników rynku nieruchomości, począwszy od firm spedycyjnych wykorzystujących transport lotniczy, poprzez deweloperów, aż po operatorów hoteli oraz inwestorów Konkurencja na rynku wynajmu nieruchomości powoduje, że właściciele powierzchni proponują rozwiązania mające zachęcić do skorzystania z ich usług Wynajmujący zakładają bowiem, że nawet istotna zachęta przyznana najemcy na początku najmu powinna zwrócić się w trakcie okresu obowiązywania umowy W związku ze zmieniającymi się warunkami rynkowymi, rosnącą konkurencją i wzrostem wymagań konsumentów względem oferty oraz funkcjonalności centrów handlowych rośnie znaczenie odpowiedniego zarządzania tymi obiektami Właściciele nieruchomości komercyjnych, aby nadążyć za zmieniającymi się warunkami ekonomicznymi, społecznymi, technologicznymi i prawnymi, muszą oferować wysokiej jakości powierzchnie odpowiednio zarządzane przez wysokiej jakości specjalistów Wszystko znajdą Państwo w naszej publikacji wydawca property Media group s.c ul Stępińska 22/ Warszawa tel + 48 (22) tel + 48 (22) tel + 48 (22) www thecity com pl daniel jabłoński redaktor naczelny com pl hubert wasiak Project Manager com pl Łukasz Marynowski redaktor com pl Łukasz osiecki dziennikarz com pl tomasz papiernik dziennikarz/tłumacz com pl barbara olech-grzybowska dziennikarz/tłumacz cezary goss Reklama com pl opracowanie graficzne, skład i łamanie: Arkadiusz Chorąży

4 04 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 SPIS TREŚCI Lista inwestycji 48 Gdy zamykają się jedne drzwi, otwierają się inne 70 Źródła finansowania dla branży nieruchomości i budownictwa aspekty podatkowe (kredyt bankowy, leasing zwrotny, pożyczka od udziałowca, fundusze open-ended i private equity) 76 Sposoby nabycia nieruchomości szanse i zagrożenia podatkowe 81 Proces due diligence w transakcjach na rynku nieruchomości 86 Tworzenie wartości projektu przez optymalizację opodatkowania dochodu Schyłek dotychczasowych modeli czy nowe możliwości? 90 Synergia na polskich lotniskach perspektywy rozwoju Airport Cities 96 Maksymalizacja wartości Nieruchomości 100 Zachęty dla najemców 103 Renowacja i przebudowa centrów handlowych 107 Partnerzy merytoryczni 110

5 IMAGINING TOMORROW OUR LIFE PLACES, ENLIGHTED WITH SMILES. Success requires the careful association of many elements. Apsys brings knowledge and experience to their full service management of shopping malls. Our expertise on Polish market: Real estate management 14 shopping malls in 11 cities in Poland Rental management 750 lease agreements under management with rent collection at 99,8% Leasing 300 lease agreements signed annually Marketing more than 70 million visitors and 400 marketing campaigns every year Project management from def ining the needs to completion of the works Green approach Apsys is the Pioneer in Poland in obtaining the Breem-In-Use certificates for shopping centers As a leader, we know that creating a friendly space requires something more than just experience. It is our sensibility and passion that allow us to create shopping malls, that connect with visitors. Places that have magic. This magic is the object of our interest, and your smile is our greatest reward. APSYS POLSKA SP. Z O. O., ATRIUM CENTRUM, AL. JANA PAWŁA II 27, WARSZAWA TEL.: , FAX:

6 06 As one door shuts, another opens The future has never been certain, but today it is less than clear, even for an asset class as safe as houses While real estate asset transaction volumes might not increase across Europe in 2012, there are positive signs in a number of markets The greater question is, however, around the financing of real estate investments As the door to bank finance could partially shut, another might open from certain alternative sources Investors in real estate assets have different objectives and priorities Attitudes vary with respect to risk, to capital growth versus income and to asset class and quality But there appears to be consensus on the development of the macroeconomic environment amongst the more than 500 European investors in real estate assets we surveyed in late 2011 A clear majority of respondents are fearful of ongoing instability in the Eurozone The present uncertainty is seen as likely to cause delays in real estate investment, financing, construction and occupation While there are commonalities in the views of the investors surveyed, one striking finding of this report is the range of investment attitudes, objectives and priorities across Europe Though it might not surprise that views differ between mature and emerging markets, it might surprise that there are even differences in investor appetites between markets such as Germany, Sweden and Switzerland There is, however, agreement amongst investors around the change in financing of real estate asset investments The respondents predict a shift from traditional bank lending to other sources of capital Whether these are insurers, the equity markets or tradable securities varies across Europe Market outlook This report is based on a survey of 534 real estate investors including selected Ernst & Young clients and regular the Economist Intelligence Unit (EIU) contributors Participants were based in 12 countries: Austria, Belgium, France, Germany, Luxembourg, Netherlands, Poland, Russia, Spain, Sweden, Switzerland and the UK After a period of calm during mid-2011, the sovereign debt crisis in the Eurozone led

7 07 ExPECTATIONS OF A RECOVERY IN REAL ESTATE ASSET TRANSACTION VOLUMES Germany 8% 48% 39% 4% 1% France 33% 21% 17% 6% 23% Luxembourg 11% 42% 29% 4% 14% Poland 13% 33% 30% 15% 9% Switzerland 3% 38% 47% 12% UK 7% 34% 22% 11% 26% Spain 8% 30% 25% 11% 26% The Netherlands 6% 27% 24% 16% 27% Russia 12% 21% 42% 12% 13% Austria 7% 18% 25% 11% 39% Sweden 21% 40% 7% 32% Belgium 4% 15% 54% 4% 23% Strongly agree Agree Disagree Strongly disagree Neutral No response to renewed capital markets volatility This was compounded by weak economic data in a number of key markets Real estate investment is particularly affected by these factors Our survey of European investors therefore poses the question What does 2012 hold for the real estate markets? Respondents to our survey offer an insight into likely transaction trends for 2012 and beyond transaction outlook differs by country Across Europe, forty percent of all respondents expect improvement in activity levels in 2012, while a similar number disagree There is significant variance in expectations between countries Approximately 55% of investors in Germany, France and Luxembourg expect a recovery in volumes, whereas almost 60% in Belgium and Switzerland take the opposite view Such disparity in investors views across locations demonstrates the substantial differences between local markets, and the need for investors to treat real estate assets on a country-by-country basis, rather than regionally Further insight into which categories of real estate assets are likely to be in demand in 2012, and the pricing of these on an intra country basis was obtained through the survey and is available on request Market attractiveness high across europe While the outlook for transactions involving real estate assets varies, the level of confidence in future investments across Europe is apparent Ninety-nine percent of respondents to our survey in Germany, for example, describe their country as attractive for investment Across the 12 countries in our survey pool, the majority are rated highly for attractiveness In addition to Germany, Sweden and Austria all score in the 90s% It is interesting to note that emerging markets such as Russia and Poland are also rated highly for market attractiveness Our survey provides more detail on which classes and regions are the cause of these trends ASSESSMENT OF LOCAL MARKET ATTRACTIVENESS FOR REAL ESTATE ASSETS Germany 38% 61% 1% Sweden 32% 64% 4% Austria 21% 71% 4% 4% Luxembourg 7% 82% 7% 4% Russia 35% 53% 8% 4% Switzerland 41% 44% 9% 6% Spain 25% 60% 15% Belgium 15% 69% 12% 4% Poland 30% 53% 6% 11% The Netherlands 12% 68% 14% 6% France 12% 65% 21% 2% UK 17% 57% 11% 15% Very attractive Attractive Les attractive Neutral No response

8 08 INFLATIONARY CONCERNS WILL drive REAL ESTATE ASSET INVESTMENT Switzerland 35% 53% 9% 3% Germany France Belgium UK Russia Luxemburg Poland The Netherlands Austria Sweden Spain 24% 25% 8% 61% 9% 20% 21% 15% 48% 8% 53% 7% 50% 4% 50% 9% 43% 64% 12% 44% 15% 4% 12% 19% 12% 59% 15% 2% 15% 46% 22% 4% 8% 43% 18% 7% 11% 17% 7% 13% 27% 4% 8% 25% 4% 14% 32% 7% 7% 26% 11% 11% Strongly agree Agree Disagree Strongly disagree Neutral No response inflation concerns vary across europe Inflation levels in many European countries are around 3% with certain markets such as Russia substantially higher at around 7% As a consequence, two thirds of respondents to our survey believe that further inflationary pressures will drive investment in real estate assets in the medium term This may be due to expectations that certain real estate asset prices may keep pace with inflation, and the hope that resurgent demand in certain markets will outstrip overall supply But suffice it to say that the picture varies by country Given the current market environment in Spain, it is not surprising that investors in Spanish real estate assets show one of the weakest views that inflation will prompt activity with barely half seeing this as a driver of real estate asset investment On the other hand, 88% of German investors agree that inflation will lead to an increased number of real estate asset transactions A similar number in Switzerland take this view as well eurozone instability will Moderate investment Almost three-quarters (72%) of investors surveyed expect the ongoing Eurozone debt crisis to reduce European real estate asset investment activity There is, however, some variance in the intensity of this view across

9 09 countries Investors in Sweden, a market infrequently connected with the ongoing crisis, are the most concerned with 86% believing activity will be adversely affected by the turmoil Of Eurozone members, investors in Germany are the most comfortable with only 52% noting the same caution It may therefore be inferred that local market economics weigh more heavily on the minds of investors, than broader regional volatility This picture is further clarified by the result in Switzerland, where 50% do not see the Eurozone crisis as likely to affect activity levels substantially Further insight into such country-level macrotrends is available through the Ernst & Young professionals listed on page 8 no consensus on cmbs Market Investors across Europe have divergent views on the prospects for a revival of the Commercial Mortgage-Backed Securities (CMBS) market in 2012 An equal number (43%) have a positive outlook on this funding source, as have a negative view A more insightful trend, however, emerges at a country level Investors in some of the more mature economies surveyed are the most pessimistic about prospects for CMBS Only 29% of those in Germany for example, where financial markets are relatively developed, see the upside for CMBS issuance And in the UK, where CMBS levels were significant before the 2008 crash, only 41% see the market coming back next year But in less mature rapid-growth markets such as Poland and Russia, more confidence abounds This may be due to the relative lack of CMBS issuance precrisis and the comparatively unscathed nature of investors in real estate financial instruments in those markets With the uncertain nature of CMBS funding, further analysis is warranted on a country and intra-country level Our report clearly shows significant differences in short term investors expectations. Having said that, if we consider a longer term our expectations are the same still makes sense to invest in real estate says James Foley Partner in Ernst & Young, Real Estate Division in Poland Despite the high indebtedness we cannot expect the real estate market to collapse same way as we saw during recent credit crunch in USA. However, we have to remember that the prices of real estate in Europe will not rise rapidly since limited financing will most likely slow the demand sums up James Foley EUROZONE CRISIS WILL REdUCE REAL ESTATE ASSET INVESTMENT Sweden 25% 61% 14% Poland 17% 66% 11% 6% Spain 26% 57% 13% 2% 2% UK 22% 57% 13% 2% 6% France 29% 49% 12% 8% 2% Austria 14% 61% 18% 7% Luxemburg 25% 47% 14% 7% 7% Russia 15% 56% 23% 2% 4% The Netherlands 14% 57% 27% 2% Belgium 12% 53% 23% 12% Germany 14% 38% 30% 18% Switzerland 12% 38% 38% 12% Strongly agree Agree Disagree Strongly disagree Neutral No response

10 10 ExPECTATIONS FOR REVIVAL OF COMMERCIAL MORTGAGE BACKEd SECURITIES MARKET Poland 11% 47% 24% 11% 7% France 13% 41% 19% 10% 17% Russia 12% 42% 23% 13% 10% Luxembourg 11% 36% 30% 4% 19% Sweden 11% 35% 25% 29% Austria 12% 34% 23% 8% 23% Spain 8% 35% 37% 8% 12% UK 4% 37% 26% 24% 9% Belgium 8% 30% 31% 4% 27% The Netherlands 4% 33% 35% 6% 22% Switzerland 3% 32% 41% 21% 3% Germany 5% 24% 54% 16% 1% Strongly agree Agree Disagree Strongly disagree Neutral No response hope for further equity financing Of the investors surveyed, 42% expect that equity capital markets will become more attractive in 2012 for real estate asset investors This is hardly a pronounced trend, but following the volatility in equity markets in 2011, suggests a more positive picture than some commentators and analysts have projected As with many of the other topics analyzed by this report, there is a wide variation in trends by country Germany, a market more resilient to ongoing turmoil than most, sees only 16% of respondents predicting improvement next year On the other hand, Spain, a market in some distress, sees 60% of respondents with hopes and expectations of an upturn in equity financing for real estate investments next year Further insight on financing options from the survey is available on a country by country basis insurers to provide increased debt funding As volatility in capital markets continues, reliance on traditional funding sources is proving challenging And so attention has turned to alternative sources of debt finance such as insurance companies Over half of survey respondents (55%) believe that insurers are likely to become more active providers of debt financing for real estate assets in the coming year Given developments around insurance regulation, namely Solvency II, this would seem to resonate And since insurers often aim to immunize (i e, match) the time horizons of at least some part of their portfolio with their liabilities, investments in bricks and mortar seem worthy of consideration But the picture is not consistent across the European market While around half of respondents in most countries see increased insurer funding as likely, only 36% of investors in Austria share this view On the other end of the spectrum, an overwhelming 85% of Germany-based respondents are of the belief that new debt finance is likely to originate from the insurance industry EqUITY CAPITAL MARKETS WILL BECOME MORE ATTRACTIVE FOR REAL ESTATE ASSETS Spain 13% 47% 15% 8% 17% Austria 11% 45% 26% 7% 11% Poland 13% 40% 28% 13% 6% France 13% 39% 23% 25% Luxemburg 29% 21% 29% 7% 14% The Netherlands 6% 43% 42% 2% 8% Russia 16% 30% 30% 6% 18% UK 6% 40% 26% 9% 19% Belgium 8% 28% 24% 8% 32% Sweden 11% 25% 39% 4% 21% Germany 16% 60% 24% Switzerland 100% Strongly agree Agree Disagree Strongly disagree Neutral No response

11 11 INSURERS TO ACT INCREASINGLY AS debt PROVIdERS FOR REAL ESTATE ASSETS Germany 31% 34% 14% 1% Belgium 58% 23% 19% The Netherlands 14% 41% 18% 2% 25% UK 13% 41% 19% 6% 21% Poland 11% 43% 25% 4% 17% Switzerland 9% 44% 38% 9% Spain 21% 30% 17% 32% Russia 10% 39% 37% 4% 10% Sweden 18% 29% 18% 4% 31% Luxembourg 18% 29% 25% 7% 21% France 13% 29% 12% 19% 27% Belgium 11% 25% 25% 39% Strongly agree Agree Disagree Strongly disagree Neutral No response banks to limit funding in some cases Ongoing difficulties in the banking markets have caused a number of high profile failures and retrenchment from lending to certain asset classes, including real estate Fifty percent of respondents to our survey expect this trend to continue over the coming year and for lenders to reduce the availability of capital for real estate loans While other funding sources such as insurers, equity and CMBS may become increasingly available in some cases for lending to real estate in 2012, it is unclear whether these new funds will cover the shortfall from banks who may be stepping back The exact level of bank aversion to real estate financing varies substantially by market Less than onethird of investors in Austria expect such a reduction in funding to occur While those in neighboring Germany are more pessimistic, with a clear majority of 70% taking this view The lack of consistency among neighbors, let alone across Europe, in this respect is obvious Investors wishing to access funds to finance real estate investments would be well advised to seek further insight into market trends key findings Outlook for transactions in real estate assets differs by country Market attractiveness high across Europe Impact of inflation on real estate investment will vary across the region The Eurozone crisis is likely to adversely impact activity in many markets Little consensus on outlook for commercial mortgage-backed securities Equity financing market expected to open more widely in 2012 Insurers to increase volume of debt financing for real estate transactions Banks expected to partially reduce mortgage lending BANKS TO BECOME LESS WILLING TO FINANCE REAL ESTATE LOANS Germany 26% 44% 24% 5% 1% Russia 4% 47% 35% 6% 8% UK 9% 42% 19% 6% 24% Poland 19% 31% 24% 9% 17% France 17% 32% 21% 13% 17% Spain 21% 26% 28% 4% 21% Sweden 18% 29% 32% 21% Luxembourg 15% 31% 11% 14% 29% Belgium 18% 29% 19% 8% 27% The Netherlands 14% 31% 33% 2% 20% Switzerland 12% 29% 56% 3% Austria 7% 25% 32% 4% 32% Strongly agree Agree Disagree Strongly disagree Neutral No response

12 12 Sources of financing for real estate and construction industries tax aspects (bank credit, leaseback, shareholder loan, open-ended funds and private equity) The future has never been certain, but today it is less than clear, even for an asset class as safe as houses While real estate asset transaction volumes might not increase across Europe in 2012, there are positive signs in a number of markets The greater question is, however, around the financing of real estate investments As the door to bank finance could partially shut, another might open from certain alternative sources Sławomir Patejuk, Manager, TPA Horwath due to capital-intensive nature of the investments on real estate market, the issue of financing of such projects is one of the key factors determining success of the investment In this regard, the investors have a wide range of possible methods of raising the funds One of the most important parameters determining investors choices are tax consequences of a given method Primary sources of external financing available for entities operating in real estate and construction branches are: financing through shareholder loan, loan from another external entity, bank credit, leaseback as well as investment funds characteristics of available financing sources and tax consequences The following text discusses the most important tax issues related to external debt financing including moment of recognition of

13 13 interest rates into loans and credits for corporate income tax purposes, the principle of charging withholding tax tax on interests paid to foreign entities, the rules on so called thin capitalization, rules of recognition of foreign exchange differences and taxation of loans by tax on civil law transactions and VAT shareholder loan and loan from another external entity Shareholder loan, next to subsidizing by equity capital (alternatively in case of partnerships by partner s contribution), is one of the two most common ways of obtaining funds from the owners Loan agreements awarded to a Polish entity are, as a rule, subject to 2% tax on civil law transactions This tax is paid by the borrower However, loans granted to capital companies by shareholders are now exempted from such taxation (in case of financing by owner s equity the rate amounts to 0 5%) It should be noted that in the aforementioned exemption was not applicable and loans granted by shareholders were subject to tax on civil law transactions, what was, according to the European Court of Justice, a violation of the community law It must be also mentioned that the legislator has provided a number of tax exemptions on civil law transactions In case of financing awarded for real estate project, the following exemption can be sometimes applied: for loans where at least one of the parties is subject to VAT (value added tax in other EU countries) due to this transaction, or when one of the parties is exempt from it What is more, the exemption also relates to loans awarded by entrepreneurs who do not have a seat or management board on the territory of Poland, and whose business includes crediting and loaning Additionally, this tax does not apply to transactions related to objects/ property rights located abroad, and the very act of the transaction is carried out outside the Polish territory, which can cause in some cases that loan agreements signed abroad are not subject to taxation in Poland In terms of the consequences of contracting and paying off the capital loan, these events are, as a rule, neutral in terms of corporate income tax However, if the loan was granted or is denominated in foreign currency, on repayment of such loan, foreign exchange differences arise on the capital part of the loan, which must be identified for tax purposes (as tax costs/income or the initial value of fixed assets must be corrected if the loan is connected with manufacturing process of the asset and the asset has not been put to use yet) If the company, for the purposes of income tax, recognizes foreign exchange differences according to the accounting method (the legislator gave tax payers a possibility to choose between two methods), foreign exchange differences related to valuation of loans for accounting purposes are recognized for tax purposes Interests on loans represent the borrower s income cost and loaner s tax income at the moment of payment/receiving Generally speaking, accrued but not settled interests do not constitute borrower s income costs (alternatively loaner s tax income) A matter which raises numbers of concerns is a situation in which the interest are not paid to the borrower physically (or they are not settled in any different form), but they are capitalized to the principal amount of the loan (in subsequent periods new interest are calculated from the amount of the loan, taking into account the abovementioned amount of capitalized interests) In practice tax payers treated these interests like income costs at the time of capitalization, such approach had been so far accepted by most tax authorities Nevertheless, the tax authorities have recently more often taken the view that such interests can be recognized in terms of only when the loan is paid off It must be indicated that the legislator implemented into the Polish legal system some limitations in the right to treat interest rates as income costs in case of loans granted by certain related entities Regulations on so called thin capitalization shall be applied in case of loans granted to the company by its shareholder or sister company In case of the loan from a shareholder, holding not less than 25% of the company shares, or shareholders holding a total of not less than 25% of the shares, the interest rates from the granted loan in part, in which value of indebtedness to the shareholder (shareholders) determined for the day of interest rate payment exceeds three times company s share capital, do not represent income costs In case of the loans from a sister company, the interest rates from loans granted by the sister company, are not considered income costs, in part in which the value of indebtedness calculated for the day of interest rates payment to entities, determined by the legislator, that are involved in these companies by capi-

14 14 tal, exceeds three times borrower s share capital Additionally, in order to include the abovementioned share capital for the purpose of this calculation, it must be actually transferred and cannot be covered by shareholders loans or intangible or legal values that are not subject to depreciation allowance It should be noted that in practice there are some doubts concerning the methodology of calculating indebtedness for the purpose of the above regulation The following formula shows the methodology of calculating interest rates that in selected cases do not represent income costs interest rates indebtedness 3 x initial capital indebtedness = income costs interest rates thin capitalization: the method of calculation of interest rates which do not constitute income costs In case of investments made in real estate and developing branch, the loans are quite often granted by foreign entities If the loan is granted by a non-resident, one should keep in mind potential consequences of the taxation of interest, received by the entity, by withholding tax In case of payment or capitalization of such interests the borrower (Polish entity) is obliged to deduct the interests from the amount paid and then pay income tax on this account The withholding tax rate that is applicable in that case is 20% However, it should be born in mind that provisions of agreements for the avoidance of double taxation, in this situation, provide a number of exemptions from such tax or reduce its rate (usually to 5 or 10%) Moreover, national regulations, under certain conditions, allow for the time being to reduce the abovementioned rate and in the future, to apply the exemption in case of loans granted by parent companies, sister companies or subsidiaries It is also necessary to report the fact of the loan granted by a non-resident to tax authorities as well as to the National Bank of Poland and the Central Statistical Office In case of consequences arising from value added tax, it must be indicated that the act of granting the loan may fall within the scope of transactions taxable by this tax, as financial services subject to exemption This issue is not perfectly clear and it requires appropriate analysis in each case The tax authorities sometimes state that occasional loans cannot be treated like business activity and consequently this type of activity is not subject to VAT bank credit Another very popular method for financing real estate investments is bank credit Granting a bank credit does not require the tax on civil law transactions Tax consequences (income tax and VAT) connected with bank credits are generally the same as in case of financing in the form of a loan To complete, it should be noted that in case of credits granted by foreign banks, located in a country with which Poland has signed an agreement for avoidance of double taxation, on the basis of such agreement, the interest rates earned by the bank are exempt from withholding tax sale and lease back Another possibility of making an investment on the real estate market is a special form of leasing In case of so called sale and lease back transactions, we deal with a situation when a lessee sells his property to a lessor and then uses the property again on a lease agreement The advantage of such a solution is a change of one right to the property into another one, which enables the recognition of a value market of the property without actual transfer of economic ownership The transaction of sale of a subject of subsequent lease by the previous owner does not raise any broader doubts in terms of both corporate income tax (recognizing the costs of disposal analogically to the standard sale) as well as value added tax (exemption or taxation according to general rules in this field) doubts related to tax recognition appear occasionally in the field of the future lease payments, statements of depreciation charge and VAT taxation, if the property is recognized as supplied again Generally, tax recognition of the abovementioned is conditioned by leasing classification: operational or financial leasing, analogically for the rules governing the standard lease agreement However, there are sometimes some exceptions to this rule (for example in case of leaseback a type of financial leasing, the lessee cannot determine specific depreciation rates, as it is in case of a standard lease agreement where the leased asset is entered into the taxpayer s register again)

15 15 investment funds Apart from presented above possibilities of raising the funds available for entities investing in the real estate, we must mention, more and more popular, investments in the form of open-ended-funds available for a wide range of investors or funds investing capital from a closed group of investors The main advantage of investing with the help of investment funds, when certain requirements are complied, is income tax exemption The exemption is valid for both Polish funds as well as, according to the regulations implemented in 2011, for foreign entities It must be noted however, that despite the implementation of this exemption to the Polish law, in reality, number of doubts concerning its practical application may appear, due to imprecise conditions that must be fulfilled advantages and disadvantages of different financing Methods Investors operating in the real estate market can take advantage of all the abovementioned forms of raising the funds to finance the implementation of their investments Tax aspect next to strictly business valuation of attractiveness of a given financing form, is one of the most important factors that may affect the success of the investment It must be noted that in this respect, the investors are guided by tax risk assessment related to the choice of a certain method (methods which are more preferable for tax purposes, but more risky due to unclear regulations or lack of the regulations compared with better regulated method which does not generate significant savings on tax), time necessary for implementation of a given solution (for example, relatively fast operation of signing the contract with a shareholder compared to a long process required to invest through special funds), ease to exit the investment and related to this tax consequences It must be noted that the importance of these issues will grow due to capital market development and increasing emergence of untypical financial structures tailored for individual needs of a given investor Sales area: 47,000 sqm Construction start: Spring 2013 Planned opening: IV Q 2014 New project! New Shopping Center in Bydgoszcz! Investment volume: 170 mln EURO ECE Projektmanagement Polska Sp. z o.o. ul. Fabryczna 5a, Warszawa, Poland Phone , fax:

16 16 Methods of real estate acquisition tax chances and threats Acquisition of real estate, because of its large scale, is as a rule a kind of expense to which a lot of weight is attached Magnitude of such transaction makes its tax consequences also meaningful a lot can be saved or wasted In practice, real estate is purchased by one of two types of deals: asset deal, which is direct purchase, or share deal, a purchase of stocks/shares in a company which is the owner of the real estate depending on the type of deal and change of ownership structure, tax burden will be spread differently, what may influence competitiveness of a given project due to this fact, before entering an investment, it is necessary to familiarize with problems and issues differentiating the abovementioned types of transactions in terms of taxes tax responsibility of a purchaser and ways of reducing it Scope of responsibility of a purchaser for tax liabilities of a vendor is strictly connected with the way of entering the investment In case of acquisition of shares of a given company, the purchaser includes in its capital structure, an acting entity, which has its own history Therefore in the economic Krzysztof Kaczmarek, TPA Horwath Managing Partner Aleksandra Kozłowska, TPA Horwath Manager sense, the purchaser takes all responsibility for potential tax arrears which could have arisen in a purchased company before the day of the purchase In order to reduce such risk, the investor, before acquiring the shares, conducts a complex analysis of the company s situation, a research called due diligence which concerns among others tax issues The research allows to verify diligence of tax documentation, assess correctness and timeliness of tax settlements and state the lack or presence of tax risks, which may in the future put the purchaser at risk of paying back taxes Uncovered irregularities, depending on establishments made during negotiations between both parties, may be basis for lowering the price or providing guarantees to the purchaser in case of loss in the form of indemnity clauses enclosed in the agreement What is more, due diligence also allows to familiarize with the quality and professionalism of tax bookkeeping service

17 17 Acquisition of real property as a separate asset eliminates tax liability in the abovementioned range For that reason it is not so significant to conduct such a detailed and precise tax survey as it is in case of acquisition of company s stocks/shares Subject of due diligence analysis is usually analysis of contracts connected with assets acquisition Lease contracts connected with this property are among others subject to the survey They are checked for tax implications for the purchaser arising from the provisions of such contracts When choosing a direct way of real property acquisition one must remember about a special structure whose aim is to protect interests of the state in case of selling property by a tax payer with unsettled tax liabilities It is so called joint and several purchaser s tax responsibility for vendor s tax liabilities associated with his business activity Although since 1st January 2009 this institution has been limited only to the situation of acquisition of an enterprise s going concern, assets purchasers must reckon with the risk of charging them for these arrears according to interim provisions until potential tax liabilities which arose before 31st december 2008 fall under the statute of limitations It is also worth remembering that in the case of acquisition of property from a company that has only one property to rent and nothing else there arises a risk that the tax authorities will recognize that the transaction s subject was in fact the enterprise s going concern, not its property (especially if accompanied by lease contract transfer) In order to reduce tax liability in case of asset deal, it is possible to obtain special certificates (so called certificates of vendor s tax arrears) under procedures described in Tax Code regulations Obtaining such certificates is a standard part of pre-transaction analysis conducted by tax advisors what type of transfer tax? Method of planned ownership change of a given investment property influences also a type of transfer tax to which such purchase will be subject Generally, the buyer of partnership shares will be required to pay 1 per cent non-refundable tax on civil law transactions, which should be taken into account when planning budget for the purchase of an investment Bearing in mind that the tax is calculated on the basis of the value of shares, not the property, in case of acquisition of a company encumbered by liabilities (such as property credit), the tax base will be correspondingly lower, as value of purchased shares will be lower In contrast to the acquisition of shares, correct assessment of the transfer tax on the acquisition of property through asset deal is much more complicated and requires comprehensive analysis In particular, depending on when the property was accepted for use, improved in proper proportion or existence of the right to deduct VAT on the previous acquisition of an asset or the absence of such law Acquisition of the property will make the price go up by the amount of value added tax or will require tax exemption Such exemption may be mandatory or optional The acquisition would exercise exemption from VAT, but the purchaser at the same time, will be obliged to pay a 2 per cent tax on civil law transactions In most cases in business trading, VAT tax levied on the subject of transaction is more beneficial for the purchaser as it is deductible than non-refundable tax on civil law transactions However, due to details and high degree of complexity of relevant regulations, the actual state should be carefully verified in each case in order to determine whether resignation from VAT exemption is possible or not Generally, nowadays the main rule is to exempt transactions of property supply from VAT taxation, excluding situations when the supply is made within so called first settlement or when time between first settlement and supply of a given building or construction, or its part is shorter than two years definition of first settlement indicates that it means commissioning in the performance of activities subject to taxation of the first purchaser or user of the buildings, constructions or their parts after their construction/ improvements, if the expenditure incurred on improvement, in the meaning of regulations on income tax, amounts to at least 30 % of initial value As it was mentioned above, in most cases the exemption will not have a final character The legislator has left tax payers making transactions of buildings/constructions or their parts supply, with a choice for an exemption or VAT taxation of the transaction, even if they fulfill the abovementioned terms, however resignation from the exemption is subject to additional conditions Additionally, in certain situations, the option to choose VAT taxation of the transaction has been excluded by the legislator This may occur if the seller was not entitled to deduct in-

18 18 put tax on the prior purchase of this property (e g he acquired it by means of contribution in kind which was not liable to tax) income tax taxation From the buyer s point of view the question of income tax taxation has less significant meaning (this tax is paid by a vendor), nevertheless, it may affect vendor s choice of forms of sales (especially if a vendor is a foreign entity) and thus it affects situation of the buyer In case of asset deals, taxation takes place in a country where the property is located - in this particular case in Poland However, in case of share deal, the seller is subject to taxation in the country of his fiscal residence (in many countries such transaction may be exempt from taxation) For that reason, property owners often prefer share deal option However, specific regulations concerning share trading in real estate companies, should be taken into account These are so called real estate clauses which are included in some treaties of avoidance of double taxation Result of the real estate clause is obligation to tax profits coming from the sale of shares of a company whose assets consist mainly, directly or indirectly of immovable property in a country where the real estate is located and not in the seller s country of residence Currently, the clause appears in virtually all recent treaties of avoidance of double taxation concluded by Poland among others with: Germany, Belgium, Finland or Austria However, it does not appear in arrangements with for example: Czech Republic, The Netherlands, Cyprus and Luxembourg settlement of the investment what to remember? One of the biggest differences between sale of property through asset deal and share deal is the impact the transaction has on disclosure of so called hidden reserve that is a positive difference between market value of an asset as of its balance sheet date and its historical price The advantage of direct purchase of a real estate is the possibility to increase initial value of an asset in the buyer s books of account to its market value (so called step-up), which is reflected in higher depreciation write-offs which constitute tax deductible costs While the buyers of investment vehicles are obliged to continue depreciation of historical price, which is usually much lower than the market price, and thus showing much lower tax deductible costs Also in case of subsequent sale of such property tax costs would be correspondingly lower, and thus tax to pay would be higher As we have already mentioned, direct purchase of a property is not always possible in practice, as the investor may be interested only in disposing a part of capital structure through resale of shares in a special purpose vehicle It is good to remember about the future tax burden and include it in the price As we indicated above, the method of establishing initial value is one of the most important variables differentiating acquisition of a property as an asset or through purchase of shares in a real estate company After direct acquisition the initial value will be established at the amount of acquisition price What does it include? In addition to the price which is to be paid to a vendor costs associated with the purchase accrued before the acceptance of an asset for use, in particular notary fees, stamp duty and other bills as well as interest expense and commissions Additionally, according to tax regulations, the price is corrected by exchange differences accrued until accepting the asset for use At the same time, according to the interpretation of tax authorities, the acquisition price can only be influenced by exchange rate differences resulting from actual payments, unless a given tax payer has chosen arithmetic difference accounting method Once a transaction is settled and accepted to use, it can be depreciated for tax purposes It should be remembered however, that only complete fixed assets can be depreciated So, if a purchased building is partly completed, it is impossible to use it for the purposes of corporate income tax and depreciating it, even if it is partly used for the purpose of business activity e g tenant rental In contrast to the above, the fact of using part of the building generates obligation of the property tax, which must be paid in a relevant municipality office tax optimization after the acquisition A popular method of tax optimization in case of acquisition of a building through asset deal, is so called cost segregation segregating from the building such elements which may constitute separate assets due to the fact that the amount of depreciation for the building is lower than for other fixed assets listed in the books of account, such action can effectively accelerate deprecia-

19 19 tion of the investment and, consequently, increase tax deductible expenses in the form of depreciation Another way to optimize the depreciation is to determine individual depreciation rates for e g used or improved nonresidential buildings Optimization of depreciation could also be achieved by lowering depreciation rates, resulting in extension of amortization period Such solution needs to be considered carefully if the purchaser has tax losses and at the same time there is a risk that he will not be able to settle those losses efficiently The main optimizing action after acquisition of shares in real estate company is usually taking restructuring actions which allow to reveal hidden reserves for tax purposes, that is step-up This optimization effect can be achieved e g by transferring the property as liquidation dividend or by contribution in kind from share premium to a capital company and transferring it into a partnership Restructuring aimed to disclose hidden reserves is very complex and requires precise planning, including the need to protect potential tax consequences with individual interpretations issued by a competent tax authority Proper settlement of investment has also an important meaning from the point of view of property tax In case of buildings and land it is paid in relation to the surface, in case of constructions, according to their initial value Acquisition of real property containing each of these elements makes it necessary to assign to them relevant part of the initial value Calculation in that case is quite simple no matter what value will be assigned to land or buildings, the tax will be the same, while the higher value will be allocated to the constructions, the higher tax we will pay summary The choice of method of acquisition of real estate investment requires prior knowledge of all tax implications associated with the acquisition by asset deal and share deal Only then it is possible to plan everything properly in order to eliminate or reduce existing tax risks Moreover, in case of both presented methods of change in property ownership structure there are other possibilities of tax optimization

20 20 The process of due diligence in real estate transactions There are two methods of conducting property acquisition transactions in usual market practice: purchasing the company that possesses the property or direct purchase of the property Both types of transactions result in different tax consequences and may involve different levels of risk for the buyer In the case of a company acquisition, the new investor takes over the full economic burden of any undisclosed tax arrears of the purchased company In this case there is no legal possibility to exclude the purchaser s liability (as opposed to the acquisition of assets, which will be discussed later) If the tax authorities detect irregularities in the acquired company, they will charge the company, which may have a negative impact on return on the investment In this situation, compensation clauses included in the share purchase agreement can act as warranty for the investor areas of tax risk Because of this, verification of tax settlements and detection of possible irregularities prior to the transaction are factors of great importance for the investor For this reason, a due diligence study is usually carried Michał Thedy, Executive Director, Ernst&Young Michał Koper, Senior Consultant, Ernst&Young out before acquisition of the shares (stocks) The extent of tax research into the acquired company depends on its size and nature of its operation, tax audits and audits of financial statements carried out in the past, as well as the purchaser s level of knowledge of the company s accounting and tax settlements depending on these factors, the investor determines the scope of the tax due diligence, taking into account the degree of detail of the study, level of significance (the limit value of transactions that should be checked for the correctness of their tax settlement) as well as the period of time under examination First, the study should cover those areas that may create tax risks characteristic of real estate companies whose control is essential at the stage of tax due diligence The following areas belong to the most significant and the most common tax risks specific for the real estate market:

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