Poland is a hit for global funds. A historical record for leaseback in Poland

In 2025, the area of ​​real estate rented in Poland in the form of “sale and leaseback” exceeded 800,000. sq m – according to the report by UCE Research and INWI. The total value of these transactions is estimated at PLN 3.5 billion.

What is leaseback?

Leaseback is a type of transaction in which the owner of a property sells it to a buyer and then rents the same property from him. Thanks to this, he recovers the frozen capital, which allows him, for example, to finance new investments and at the same time continue to use the previously owned property.

The authors of the report pointed out that in 2025, 800,000 were exceeded for the first time in key sectors – logistics, trade and production in Poland. sq m area covered by leaseback. The total value of these transactions is estimated at PLN 3.5 billion, which means a several-fold increase compared to 2022-2024. On an annual basis, the number of transactions increased by 25-30%. In turn, the value of the largest transaction exceeded EUR 250 million, which is a record in Central and Eastern Europe.

UCE Research analysts noted that not all transactions are published, which means their actual value may be even higher.

Interest in Poland is growing

In the opinion of Agnieszka Radkiewicz from INWI, such a large increase is, among others, due to: the result of the growing interest in the Polish market on the part of institutional investors, as well as the increasing belief of enterprises in the advantages of leaseback as a method of financing.

“In 2025, the share of private equity and real estate funds, as well as foreign institutional investors operating in the structures of REIT (Real Estate Investment Trust), AIF (Alternative Investment Funds), and RAIF (Reserved Alternative Investment Fund) in this market increased significantly. The presence of these entities contributed to the increase in the professionalization of transactions, greater transparency and competitiveness of offers on the market,” the expert said.

Leaseback is no longer a niche form of financing

As the authors of the report noted, leaseback is no longer a niche form of financing, but has become a full-fledged tool treated as an alternative to loans or bond issues. This mechanism is no longer the domain of only the warehouse and logistics market. Interest in commercial facilities and industrial and production properties has increased.

“Taking into account macroeconomic factors, growth was driven by a decline in inflation. This allowed companies to better plan cash flows and increase the appetite to use real estate assets to refinance operations. Companies could consider longer leases based on a more predictable cost of money, and investors could better model real rates of return and the value of future cash flows,” Radkiewicz said.

The expert also pointed out that leaseback transactions were favored by the development of the Polish economy and the relatively high demand for warehouse and commercial space.

There have been several exceptionally large transactions on the Polish market

In 2025, there were several exceptionally large transactions on the Polish market – it was indicated. The most spectacular was the sale of two modern facilities belonging to a window manufacturer. Their total area is 264 thousand. sq m, and the value of the transaction exceeded EUR 250 million, i.e. over PLN 1 billion.

“Such transactions show that Poland has become an important point on the map of global sale and leaseback investments, attracting capital from foreign funds. It is also visible that the largest transactions take place in the industrial and logistics sectors. This confirms the role of these segments as the foundations of the Polish economy and as the most reliable assets generating stable rental income,” Radkiewicz said.

At the same time, as indicated in the report, the market is still hampered by the lack of uniform contract standards, which complicates transaction processes for both tenants and investors. Leaseback is also not covered by preferential tax regulations like leasing or loan financing. All this limits the development potential of this segment. (PAP)

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