Sale and Leaseback Transactions: Market or Non Market? The Case of the Netherlands

Aart Hordijk and Bert Teuben

ERES from European Real Estate Society (ERES)

Abstract: Sale and leaseback transactions have a ìpuzzlingî image. The effect normally is that corporate real estate is transferred to real estate investments and in most cases will stay there. The main reasons are of financial and/or strategic origin. Especially now as an effect of the credit crisis, large companies are forced to realise their profit on corporate real estate to improve their balance sheet against the severe losses on the sub prime loans. In other words there will be times that sale and leaseback occur frequently against times that those transactions will be very rare. This paper tries to find out if there will be structural drivers, such as the economy, real estate cycles, specific circumstances like the credit crises, which might explain the increase and decrease of sale and leaseback transactions. Data series from the oldest real estate magazine in the Netherlands Vastgoedmarkt are being used. The transactions will be compared to other investment transactions to find out if the conditions in the case of sale and leaseback will differ from those as far as market rent and market yield are concerned. Where possible the results will be compared to similar situations within Europe.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2009-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2009_373

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