This study presents a simple formula for the gains from sale and leaseback transactions, based on the traditional theory of a firm. A typical firm, which intends to sell ?% of its whole capital to the SPC and retain the benefits of its location through a tenancy, will be taken as an example. It is shown that the unit capital cost for a typical firm would have structural change and the rate of capital depletion would play a key role in the profit calculating process.
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Ashiya, Noriko. "Reviewing Sale and Leaseback Transactions." In 18th Annual European Real Estate Society Conference. ERES: Conference. Eindhoven, the Netherlands, 2011.
Section: H3: Office Real Estate Strategies