REAL ESTATE

Experts in Real Estate

The ETL GLOBAL Real Estate Group is a interdisciplinary team of experienced (mostly European) professionals with a focus on real estate clients. Accordingly, the ETL GLOBAL Real Estate Group is dedicated to provide top-tier advisory services for the real estate market. The team comprises seasoned experts with extensive expertise in navigating complex real estate regulations in their respective countries.

By upholding the highest standards of professionalism, the group provides accurate, reliable, and timely advice. Leveraging the ETL GLOBAL Real Estate Group’s deep industry knowledge and global best practices, clients will optimize their strategies and achieve full compliance in terms of tax, accounting and legal aspects through innovative solutions tailored to the unique needs of the real estate industry.

Our SERVICES

TAX

Real Estate Investments

Choosing an efficient ownership structure.
Tax Due Diligence for real estate acquisitions, transactional advisory.
Taxation of income from real estate investments.
Indirect and transactional taxes on real estate transactions (VAT and real estate transfer tax).
Alternative forms of financing for real estate investment.
Tax-efficient exit from real estate investments.
Withholding taxes.

Real Estate Taxation in M&A and Reorganisations

Complex tax advisory at every stage of the company transaction or reorganisation, be it a merger, division, capital contribution or other form of transformation:

pre-transaction consultancy (tax due diligence).
comprehensive transactional support (transaction structures, tax risk and benefit analysis, documentation of economic rationale, negotiation and closing support).
post-transaction stage (compliance support, tax effective integration, ongoing tax advisory).

Construction / Development Business

Building site – verification of tax settlements under double taxation treaties, allocation of tax revenues and costs.
Tax settlement of a consortium / joint venture.
Cost segregation – settlement of all CAPEX / OPEX.
Tax risk management – verification of tax settlements.
Tax analyses and opinions, contract review.

Succession planning

Optimising the transfer of assets during lifetime or on death.
Valuation for inheritance/gift tax purposes.
Obtaining binding rules from the authorities.

Ongoing Real Estate Taxation

Advisory concerning tax depreciation.
Ongoing taxation of real estate lease and rental contracts.
Settlement of capital expenditures and property maintenance costs.
Assistance in tax and court proceedings.

Real Estate Tax

Real estate tax settlement (industry, office, commercial, warehouse, residential, PRS investment).
Tax efficient classification of assets.
Cost segregation.
Tax on income from buildings (so-called building minimum tax).

LEGAL

Transactional Advisory

Preparation and negotiation of transactional documentation (i.e.: LoI, preliminary agreements, the final SPA).
Legal Due Diligence.
Transaction management including notarization/execution.
Development and implementation of leasing arrangements.
Negotiation of loan and collateral agreements.
Support in closing the purchase and loan agreements.
Support in the post-closing phase.

Corporate Law

Formation of property companies.
Drafting and negotiation of contracts.
Acquisition/sale of properties through share deals.
Corporate housekeeping.
Majority/minority shareholder representation.
Support in contentious shareholder meetings.
Resolutions on the sale and liquidation of property companies.

Construction Law

Complying with national law regulations prior to commencing a project.
Selection of the appropriate form of a construction contract.
Engaging designers and professional consultants, including setting their terms and conditions.
Arranging performance bonds, collateral warranties, and parent company guarantees.
Addressing construction law issues in lease agreements and development contracts.
Meeting funders’ requirements and securing construction contracts that meet institutional standards.

Litigation

Support in disputes concerning inter alia:

warranty claims and tax indemnity claims arising from acquisitions and sales in both, asset deals and share deals.
calculation of the purchase price based on an effective date balance sheet in a share deal.
compensation or profit distribution claims arising from joint ventures.
termination of lease agreements.

REAL ESTATE RELATED ACCOUNTING SERVICES & ADVICE

Accounting Services

Accounts management and bookkeepiing.
Preparation of financial statements.
Calculation of covenants.
Tax returns and clearance requests.
Settlement of costs for conducted construction works against the budget.
Invoicing.
Settlement of completed investments.
Inventory of tangible assets.

Financial Advisory

Risk reviews.
Fund structuring and capital raising.
Due diligence and transaction support.
Project finance.

Audit Services

Audit of financial statements.
Internal audit.
Valuations.

CENTRAL CONTACT

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Katarzyna Kozakowska

Partner at MDDP, Warsaw, Poland, certified tax advisor with almost 20 years of experience.

Katarzyna specializes in advisory on income tax and international taxes for corporate clients from the real estate industry. With extensive experience in projects regarding the acquisition and disposal of assets/shares and international structures, she provides advisory on tax issues related to corporate restructuring and business financing.

Her portfolio includes advisory on the sale of a student housing investment platform, a restructuring project involving a Polish investment fund, developing a financing model and diversifying assets. She has also coordinated several projects from a tax perspective for developers, created structures for listed companies including the transfer of financing (loans/bonds), shares in companies and investment certificates.

Recently, Katarzyna was responsible for advising on a sale considered the largest in the European office market in 2024.

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Alexander Krämer

Partner at Pelka und Sozien GmbH, Cologne, Germany, certified tax advisor.

Alexander Krämer is a certified tax advisor. After his studies in Business Administration (University of Münster and Corvinus University Budapest) he joined Pelka und Sozien GmbH in 2019 and has been promoted to partner in 2025.

Alexander is a specialist in international tax and real estate taxation, including issues related to real estate transfer tax and trade tax (e.g. applications for extended reduction). Moreover, he is an expert in succession planning and valuation (business and real estate). His client base includes institutional investors and as well as individuals.