POLAND Trends and Developments Contributed by: Agnieszka Stankiewicz, Rafał Siwek, Filip Janeczko and Samanta Wenda-Uszyńska, Greenberg Traurig, LLP
• standardising the legal definitions and technical requirements for the construction of such projects; • securing income for private investors when repur - posing assets for defence objectives; • expediting procurement processes, which in Poland take months or even years to conclude; and • setting out clear rules for financing defence-related projects to ensure that investors are able to secure financing for developing and leveraging their investments (including securing income for dual- use assets). One of the key hurdles, particularly for private inves - tors, is securing the financing necessary to develop defence-related projects. Traditional lenders appear hesitant to underwrite properties with less conven - tional usage scenarios, particularly when part of the asset’s value lies in its strategic or security purpose rather than its purely commercial function, or where the certainty of income may be at risk. This could be addressed by easing lenders’ financing requirements or introducing new financing models, such as public- private partnerships, long-term government contracts or government-backed guarantees. Until these measures are successfully implemented, dual-use project funding will most likely remain gov - ernment-led. One key example is the creation of the Security and Defence Fund, with a budget of PLN22 billion, financed from the National Recovery and Resil - ience Plan with the aim of investing funds into defence buildings and safety infrastructure. Another example is the European Funds for a Modern Economy pro - gramme, managed by the Ministry of Development Funds and Regional Policy, which was revised in Feb - ruary 2026 to also cover projects in defence tech - nologies and support dual-use projects. The rollout of this programme is expected in H2 2026. These pro - grammes will be supplemented by a range of smaller scale projects managed by other governmental bodies and institutions, such as the Polish Development Fund (PFR) and the National Development Bank (BGK). The role of government and EU support. Opportunities for key market players A further opportunity for real estate investors is linked to Poland’s increasing defence budget and robust
funding for Polish defence spending, in particular under the EU SAFE loans programme. According to plans unveiled by government officials, Poland plans to obtain over EUR43.7 billion from the EU’s Secu - rity Action for Europe (SAFE) instrument, which will be spent between 2026 and 2030 across a variety of systems and defence infrastructure, including artil - lery systems, anti-aircraft and anti-missile defence, ground combat and support systems, ammunition, missiles and drones. A significant part of the above investment will be outsourced to private industry and requires development or redevelopment of modern manufacturing and assembling facilities, technology and R&D laboratories, and storage and logistics infra - structure. The government’s goal is to ensure that the major - ity of the funds will be invested directly in Poland, in particular through the development and expansion of local factory production lines and manufacturing facili - ties. The Armament Agency, a unit operating under Poland’s Ministry of National Defence, estimates that 89% of funds will go to Polish industry, with an esti - mated 12,000 Polish companies benefitting from the programme. Manufacturing and logistics market players will cer - tainly be key beneficiaries of this ambitious spending programme, in particular those able to deliver built-to- suit projects appropriate for the defence agencies and the private defence industry. However, developers will not be the only real estate industry players to benefit from the expanded Polish defence programmes. Real estate investors, debt funds and service providers will also be able to participate in this new trend by provid - ing financing for the development of defence infra - structure (in particular manufacturing, assembling, storage and logistics facilities through established real estate schemes such as forward funding, forward pur - chasing, and sale and lease back) as well as providing property management, project management, monitor - ing, sustainability and technological competencies. Healthcare Real Estate Poland is entering a pivotal phase in the development of its healthcare and senior living real estate market. A combination of rising healthcare expenditure, an aging population and significant capacity gaps is reshaping
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