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<br /> ISSUE 25 | www.dlapiperrealworld.com<br /> REAL ESTATE<br /> GAZETTE<br /> ITALY<br /> THE NPL MARKET IN ITALY<br /> POLAND<br /> NEW OPPORTUNITIES<br /> UNDER POLISH<br /> BANKRUPTCY LAW<br /> UK<br /> TENANT INSOLVENCY—<br /> HOW LANDLORDS<br /> SHOULD APPROACH A CVA<br /> UKRAINE<br /> UKRAINE: NPL<br /> INVESTMENT HIDDEN<br /> GEM?<br /> AUSTRALIA<br /> NEW AUSTRALIAN<br /> PROPERTY TAXES ADD<br /> TO COSTS OF FOREIGN<br /> PURCHASERS OF<br /> RESIDENTIAL REAL ESTATE<br /> FOCUS ON:<br /> DISTRESSED ASSETS<br /> CONSIDERING THE LEGAL IMPLICATIONS OF<br /> REAL ESTATE NON-PERFORMING LOANS IN<br /> THE NETHERLANDS AND ELSEWHERE<br /> 2 | REAL ESTATE GAZETTE<br /> A NOTE FROM<br /> THE EDITOR<br /> The twenty-fifth issue<br /> of the DLA Piper<br /> Real Estate Gazette<br /> highlights issues<br /> relating to distressed<br /> assets.<br /> “<br /> The current real<br /> estate landscape<br /> co<a title="DLA Piper Real Estate Gazette Issue 25 page 1" href="http://viewer.zmags.com/publication/0dd61122?page=1"> ISSUE 25 | www.dlapiperrealworld.com REAL E</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 2" href="http://viewer.zmags.com/publication/0dd61122?page=2"> 2 | REAL ESTATE GAZETTE</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 3" href="http://viewer.zmags.com/publication/0dd61122?page=3"> A NOTE FROM THE EDITOR The twenty-fift</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 4" href="http://viewer.zmags.com/publication/0dd61122?page=4"> CONTENTS DISTRESSED ASSETS</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 5" href="http://viewer.zmags.com/publication/0dd61122?page=5"> ISSUE 25, 2016 UKRAINE 36 UKRAINE: NP</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 6" href="http://viewer.zmags.com/publication/0dd61122?page=6"> DISTRESSED ASSETS | DENMARK </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 7" href="http://viewer.zmags.com/publication/0dd61122?page=7"> Distressed properties Outsourcing, as well as an </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 8" href="http://viewer.zmags.com/publication/0dd61122?page=8"> DISTRESSED ASSETS | DENMARK Additionally,</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 9" href="http://viewer.zmags.com/publication/0dd61122?page=9"> Burdens While easy to ignore, some properties may</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 10" href="http://viewer.zmags.com/publication/0dd61122?page=10"> DISTRESSED ASSETS | GERMANY LEGAL ASPECTS OF M</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 11" href="http://viewer.zmags.com/publication/0dd61122?page=11"> role.The transfer of the facility agency role can</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 12" href="http://viewer.zmags.com/publication/0dd61122?page=12"> DISTRESSED ASSETS | GERMANY </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 13" href="http://viewer.zmags.com/publication/0dd61122?page=13"> DISTRESSED ASSETS | GERMANY “ Key to successful N</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 14" href="http://viewer.zmags.com/publication/0dd61122?page=14"> DISTRESSED ASSETS | ITALY </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 15" href="http://viewer.zmags.com/publication/0dd61122?page=15"> Nevertheless, the NPL disinvestment process by</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 16" href="http://viewer.zmags.com/publication/0dd61122?page=16"> DISTRESSED ASSETS | ITALY </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 17" href="http://viewer.zmags.com/publication/0dd61122?page=17"> the investors would not be the direct beneficiary</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 18" href="http://viewer.zmags.com/publication/0dd61122?page=18"> DISTRESSED ASSETS | ITALY “ The foreclosur</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 19" href="http://viewer.zmags.com/publication/0dd61122?page=19"> means of a forced sale of the foreclosed assets a</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 20" href="http://viewer.zmags.com/publication/0dd61122?page=20"> DISTRESSED ASSETS | THE NETHERLANDS </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 21" href="http://viewer.zmags.com/publication/0dd61122?page=21"> DISTRESSED ASSETS | THE NETHERLANDS the thir</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 22" href="http://viewer.zmags.com/publication/0dd61122?page=22"> DISTRESSED ASSETS | THE NETHERLANDS “ Ther</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 23" href="http://viewer.zmags.com/publication/0dd61122?page=23"> DISTRESSED ASSETS | THE NETHERLANDS </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 24" href="http://viewer.zmags.com/publication/0dd61122?page=24"> DISTRESSED ASSETS | POLAND NEW OPPORTUNI</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 25" href="http://viewer.zmags.com/publication/0dd61122?page=25"> and this state of affairs lasts for a period exce</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 26" href="http://viewer.zmags.com/publication/0dd61122?page=26"> DISTRESSED ASSETS | POLAND Bankruptcy</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 27" href="http://viewer.zmags.com/publication/0dd61122?page=27"> for example, the list of creditors or the valuati</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 28" href="http://viewer.zmags.com/publication/0dd61122?page=28"> DISTRESSED ASSETS | SPAIN PRACTICAL ASPECTS</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 29" href="http://viewer.zmags.com/publication/0dd61122?page=29"> DISTRESSED ASSETS | SPAIN “ The main problem tha</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 30" href="http://viewer.zmags.com/publication/0dd61122?page=30"> DISTRESSED ASSETS | SPAIN t</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 31" href="http://viewer.zmags.com/publication/0dd61122?page=31"> DISTRESSED ASSETS | SPAIN “ Investors must be aw</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 32" href="http://viewer.zmags.com/publication/0dd61122?page=32"> DISTRESSED ASSETS | UK TENANT INSOLVENCY— HOW</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 33" href="http://viewer.zmags.com/publication/0dd61122?page=33"> DISTRESSED ASSETS | UK </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 34" href="http://viewer.zmags.com/publication/0dd61122?page=34"> DISTRESSED ASSETS | UK amendments to partic</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 35" href="http://viewer.zmags.com/publication/0dd61122?page=35"> evidence for a higher value to be placed on t</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 36" href="http://viewer.zmags.com/publication/0dd61122?page=36"> DISTRESSED ASSETS | UKRAINE UKRAINE: NPL INVESTM</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 37" href="http://viewer.zmags.com/publication/0dd61122?page=37"> DISTRESSED ASSETS | UKRAINE “ Does Ukraine offer</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 38" href="http://viewer.zmags.com/publication/0dd61122?page=38"> recent measures have directly facilitated investm</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 39" href="http://viewer.zmags.com/publication/0dd61122?page=39"> which addresses corporate financial restructuring</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 40" href="http://viewer.zmags.com/publication/0dd61122?page=40"> GENERAL REAL ESTATE | AUSTRALIA NEW AUSTRALIAN </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 41" href="http://viewer.zmags.com/publication/0dd61122?page=41"> is residential property). Residential land is </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 42" href="http://viewer.zmags.com/publication/0dd61122?page=42"> GENERAL REAL ESTATE | AUSTRALIA to</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 43" href="http://viewer.zmags.com/publication/0dd61122?page=43"> GENERAL REAL ESTATE | AUSTRALIA “ The type of re</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 44" href="http://viewer.zmags.com/publication/0dd61122?page=44"> of being used solely or primarily f</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 45" href="http://viewer.zmags.com/publication/0dd61122?page=45"> FPAD. However, if there was a change in the inten</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 46" href="http://viewer.zmags.com/publication/0dd61122?page=46"> NEW RESTRICTIONS FOR PENSION FUNDS INVESTING IN R</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 47" href="http://viewer.zmags.com/publication/0dd61122?page=47"> PF must ensure it is managed prudently and that i</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 48" href="http://viewer.zmags.com/publication/0dd61122?page=48"> GENERAL REAL ESTATE | ITALY refers to non</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 49" href="http://viewer.zmags.com/publication/0dd61122?page=49"> described above for PFs are slightly different in</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 50" href="http://viewer.zmags.com/publication/0dd61122?page=50"> GENERAL REAL ESTATE | RUSSIA NEW FRAMEWORK FOR A</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 51" href="http://viewer.zmags.com/publication/0dd61122?page=51"> operate. For example, some arbitration institutio</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 52" href="http://viewer.zmags.com/publication/0dd61122?page=52"> GENERAL REAL ESTATE | RUSSIA </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 53" href="http://viewer.zmags.com/publication/0dd61122?page=53"> GENERAL REAL ESTATE | RUSSIA “ Unauthorized arb</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 54" href="http://viewer.zmags.com/publication/0dd61122?page=54"> GENERAL REAL ESTATE | UK THE EFFECT OF BREXIT ON</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 55" href="http://viewer.zmags.com/publication/0dd61122?page=55"> an increase in the number of redemptions being re</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 56" href="http://viewer.zmags.com/publication/0dd61122?page=56"> GENERAL REAL ESTATE | UK order to keep on </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 57" href="http://viewer.zmags.com/publication/0dd61122?page=57"> 2007–09, the majority of analysists anticipate th</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 58" href="http://viewer.zmags.com/publication/0dd61122?page=58"> THE CURRENT LEGAL ENVIRONMENT FOR INVESTMENT IN U</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 59" href="http://viewer.zmags.com/publication/0dd61122?page=59"> being restructured and devolved to make their ope</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 60" href="http://viewer.zmags.com/publication/0dd61122?page=60"> GENERAL REAL ESTATE | UKRAINE </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 61" href="http://viewer.zmags.com/publication/0dd61122?page=61"> GENERAL REAL ESTATE | UKRAINE “ A review of the </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 62" href="http://viewer.zmags.com/publication/0dd61122?page=62"> GENERAL REAL ESTATE | USA IMPACT OF RECOVER</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 63" href="http://viewer.zmags.com/publication/0dd61122?page=63"> GENERAL REAL ESTATE | USA for </a> <a title="DLA Piper Real Estate Gazette Issue 25 page 64" href="http://viewer.zmags.com/publication/0dd61122?page=64"> GENERAL REAL ESTATE | USA off</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 65" href="http://viewer.zmags.com/publication/0dd61122?page=65"> Declining share of lending provided by CMBS For t</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 66" href="http://viewer.zmags.com/publication/0dd61122?page=66"> ISSUE 25 | www.dlapiperrealworld.com REAL E</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 67" href="http://viewer.zmags.com/publication/0dd61122?page=67"> ISSUE 25 KEY CONTACTS AMERICAS Jay Epstien Co-Cha</a> <a title="DLA Piper Real Estate Gazette Issue 25 page 68" href="http://viewer.zmags.com/publication/0dd61122?page=68"> www.dlapiperrealworld.com</a>