The year 2025 marked a breakthrough for Poland’s sale-and-leaseback market. For the first time, operational assets exceeding 800,000 square meters were recorded across key sectors—logistics, retail, and manufacturing. The total value of transactions is estimated at approximately PLN 3.5 billion, representing several-fold growth compared with the years 2022–2024. At the same time, the number of transactions increased by around 25–30% year-on-year. This surge was driven in part by growing interest from institutional investors as well as greater awareness among companies of the benefits of this financing mechanism and the opportunity to unlock capital tied up in real estate. Additionally, the largest transaction—record-breaking for the entire Central and Eastern European region—exceeded €250 million. However, despite the dynamic expansion, the Polish market also faced several important challenges in 2025, including the lack of uniform contractual standards.
A breakthrough year
The sale-and-leaseback market in Poland in 2025 can be described as both transformative and pivotal, not only in terms of transaction volumes but also regarding the evolution of property portfolio structures and investment dynamics. There were clear shifts in the interest of both institutional and private investors, which ultimately increased market liquidity and contributed to a greater degree of professionalization.
One of the most significant developments was the record number and value of transactions. For the first time in the history of Poland’s sale-and-leaseback market, operational assets exceeding 800,000 square meters were recorded in the key sectors of logistics, retail, and manufacturing. The total value of transactions is estimated at around PLN 3.5 billion, representing a several-fold increase compared with 2022–2024 and highlighting the growing importance of this financing structure.
It is estimated that the number of transactions increased by approximately 25–30% in 2025 compared with 2024. This was the result of both increasing interest from institutional investors and a rising awareness among companies about the advantages of sale-and-leaseback financing. The main driver behind the market’s growth was the growing popularity of sale-and-leaseback structures as a tool enabling companies to unlock capital tied up in real estate assets.
Favorable market conditions
In 2025 there was also a noticeable increase in the presence of private equity and real estate funds, as well as foreign institutional investors operating through structures such as Real Estate Investment Trusts (REITs), Alternative Investment Funds (AIFs), and Reserved Alternative Investment Funds (RAIFs). The presence of these entities contributed to the professionalization of transactions and increased transparency and competitiveness in the market.
Market awareness of sale-and-leaseback structures increased to the point where the mechanism is no longer perceived as a niche financing method. Instead, it has become a fully recognized financial tool included in corporate investment policies, analyzed in due diligence processes by banks, and treated as a viable alternative to traditional financing methods such as bank loans or bond issuance.
The year 2025 also brought significant diversification in the asset classes involved in sale-and-leaseback transactions. Previously dominated by warehouse and logistics properties, the market expanded to include retail assets such as retail parks and convenience centers, as well as industrial and manufacturing properties. This evolution reflects the increasing maturity of the market and a broader understanding of the benefits that sale-and-leaseback financing can offer.
From a macroeconomic perspective, declining inflation also supported growth in the sector. Lower inflation allowed companies to plan cash flows more effectively and increased their willingness to use real estate assets to refinance operational activities. Businesses could consider longer lease agreements based on a more predictable cost of capital, while investors were better able to model real rates of return and the value of future cash flows. Sale-and-leaseback transactions helped companies release capital tied up in real estate without taking on expensive credit obligations.
Poland’s economy continued to grow at a moderate pace in 2025, while demand for warehouse and retail space remained relatively strong. This environment supported sale-and-leaseback transactions in segments with stable tenant demand—particularly where companies wanted to ensure operational continuity without reinvesting capital in real estate assets.
Major transactions
In 2025, the Polish sale-and-leaseback market recorded several exceptionally large and strategic deals that clearly confirmed its maturity and growing attractiveness for operating companies. The most spectacular transaction involved the sale of two modern facilities owned by the window manufacturer Eko Okna, with a combined value exceeding €250 million.
Two modern industrial halls with a total area of 264,000 square meters were sold for more than PLN 1 billion. This represented a record transaction for the entire Central and Eastern European region and the largest sale-and-leaseback deal in the region’s history involving a Polish company. It also demonstrated the increasing prestige and maturity of Poland’s market in the eyes of global capital.
Another major transaction involved the sale of a 75,000-square-meter facility belonging to Volvo in Wrocław, which is now leased by Swedish company AIRA. At the same time, investors acquired the distribution center of LPP in Bydgoszcz, covering more than 100,000 square meters, as well as a portfolio of industrial properties owned by Tenneco in Upper Silesia, comprising around 180,000 square meters, also structured as a sale-and-leaseback transaction.
These deals show that Poland has become an important destination on the global sale-and-leaseback investment map, attracting capital from international funds—something that only a few years ago was typical primarily of Western European markets. They also demonstrate that the largest transactions are concentrated in the industrial and logistics sectors, confirming their role as the backbone of Poland’s economy and as the most reliable asset classes generating stable rental income.
At the same time, the diversity of these major transactions—from distribution centers to industrial facilities—demonstrates that sale-and-leaseback structures are flexible financial tools that can be applied across many sectors, depending on corporate strategy and the life cycle of assets. The scale and frequency of such deals confirm a high level of confidence in tenant stability and the predictability of cash flows, reinforcing sale-and-leaseback as a permanent financing instrument for corporate assets.
Facing challenges
Despite record results and rapid growth, the sale-and-leaseback market in Poland faced several challenges in 2025. One of the most significant was the lack of uniform contractual standards, which complicated transaction processes for both tenants and investors. This often prolonged negotiation and decision-making processes and required advisory support at every stage of the transaction.
Another limitation was the absence of dedicated regulations or tax incentives for sale-and-leaseback structures compared with other forms of financing such as leasing or bank loans. Although the market achieved record transaction volumes, many companies still demonstrated a strong attachment to owning their operational real estate. Nevertheless, the increasing involvement of institutional investors in such transactions has contributed to greater trust and understanding of the financial advantages offered by this structure.
The most important challenge in 2025 remained macroeconomic factors such as the cost of capital and the availability of bank financing, which had a greater impact on the pace of market growth than regulatory issues. Even so, the stable legal and tax environment allowed Poland’s sale-and-leaseback market to reach record levels in both transaction volume and value in 2025—significantly exceeding the previous year’s results and highlighting the growing importance of this financing mechanism in Poland.
The above analysis was prepared by Agnieszka Radkiewicz, a commercial real estate expert and Business Development Manager at INWI.
