FM submits draft bill on Polish REITs

The Ministry of Finance has submitted a draft bill on Polish Real Estate Investment Trusts. The legal form of such companies will be called Spółka Rynku Wynajmu Nieruchomości (SRWN), which translates into Real Estate Leasing Market Company.
SRWNs will have to meet several conditions: their share capital will have to exceed PLN 60 million, with real estate constituting at least 70 percent of their assets and leasing activity or real estate sales making up at least 70 percent of their net revenue. Dividend pay outs will have to constitute at least 90 percent of the company’s profit in each fiscal year. SRWNs will have to have at least three properties on their balance sheet, none of which can be residential.
The bill has been submitted to other ministries and market institutions, who can comment on it until October 28.

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