POLAND Law and Practice Contributed by: Michał Wielhorski, Mateusz Prokopiuk, Małgorzata Wąsowska and Klaudia Michalec, act legal Poland
tions and directions of the municipality; (c) the master plan; and (d) the integrated investment plan. 4.4 Obtaining Entitlements to Develop a New Project The process for obtaining entitlements to devel - op a new project or complete a major refur - bishment is described in 4.2 Legislative and Governmental Controls Applicable to Design, Appearance and Method of Construction . Owners of the adjacent properties are allowed to participate in the process with regard to issu - ance of the building permit as a party (and are allowed to challenge the building permit). 4.5 Right of Appeal Against an Authority’s Decision The Polish legal system provides for a right to appeal against decisions issued by a relevant authority in the investment and construction pro - cess (eg, against a decision on a building per - mit). Such appeal may be brought by any person who has a legal interest – for example, in case of a building permit, the owner of an adjacent property). 4.6 Agreements With Local or Governmental Authorities In the implementation of property development projects, it may be necessary to conclude agree - ments with public authorities or utility providers, in addition to obtaining the necessary permits (eg, building and occupancy permits). By way of example, agreements with public road man - agers may be required for the construction, reconstruction, upgrading and maintenance of public roads that provide access to properties. Concluding agreements with utility providers is a key stage in the process of implementing a construction project and is aimed at ensuring
access to essential utilities such as electricity, water, gas or heat supply. 4.7 Enforcement of Restrictions on Development and Designated Use In the Polish legal system, the restrictions on land development and use are enforced through various legal mechanisms aimed at ensuring the compliance of construction activities with the planning documents indicated in 4.1 Legisla- tive and Governmental Controls Applicable to Strategic Planning and Zoning and with the applicable law. These mechanisms include both administrative control and the option of enforce - ment through public administration authorities or administrative courts. 5. Investment Vehicles 5.1 Types of Entities Available to Investors to Hold Real Estate Assets In the Polish legal system, investors – both domestic and foreign – have a variety of legal forms available to them to acquire and hold real estate assets. Real estate assets may be acquired by any legal person or unincorporated entity permitted by Polish law. The most common legal form chosen for the acquisition of real estate is the limited liability company. The second-most common legal form used for real estate investment is a limited part - nership. For large institutional investors (eg, private equi - ty funds, investment banks or large companies), one of the preferred forms of investing in real estate is the creation of a closed-end private asset investment fund ( fundusze inwestycyjne zamknięte , or FIZ).
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