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Leonie Koerhuis - One of the best experts on this subject based on the ideXlab platform.

  • Ten years of sale‐and‐Leaseback transactions in The Netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

  • ten years of sale and Leaseback transactions in the netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

Aart Hordijk - One of the best experts on this subject based on the ideXlab platform.

  • ten years of sale and Leaseback transactions in the netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

  • Ten years of sale‐and‐Leaseback transactions in The Netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

  • Sale and Leaseback Transactions: Market or Non Market? The Case of the Netherlands
    2009
    Co-Authors: Aart Hordijk, Bert Teuben
    Abstract:

    Sale and Leaseback transactions have a ipuzzlingi 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.

Dirk Rompelman - One of the best experts on this subject based on the ideXlab platform.

  • Ten years of sale‐and‐Leaseback transactions in The Netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

  • ten years of sale and Leaseback transactions in the netherlands
    Journal of Corporate Real Estate, 2010
    Co-Authors: Aart Hordijk, Dirk Rompelman, Leonie Koerhuis
    Abstract:

    Purpose – The purpose of this paper is to give an overview of the sale‐and‐Leaseback transactions in The Netherlands over the past ten years, and to compare the rents and yields in those transactions with what is common on the market at that moment.Design/methodology/approach – The method chosen is a straight mathematical calculation, the only possible way at this initial stage. A unique dataset provided by Vastgoedmarkt is used for this paper.Findings – Of the sale‐and‐Leaseback transactions, 60 percent are concluded against a higher rent than the market rent, and contract rent for the biggest areas is on average concluded at 17.4 percent above the market rent.Research limitations/implications – Because of the incompleteness of the reporting of the transactions and the lack of transparency in this area, further analysis is necessary.Practical implications – When entering into a sale‐and‐Leaseback transaction, the seller and the buyer in particular should be much more aware of the circumstances on the mar...

Nescu Advisors - One of the best experts on this subject based on the ideXlab platform.

Richard T. Clarke - One of the best experts on this subject based on the ideXlab platform.

  • Stock market reaction to sale and Leaseback announcements in the UK
    Journal of Property Research, 1996
    Co-Authors: Andrew Adams, Richard T. Clarke
    Abstract:

    This paper examines the stock market reaction to announcements of sale and Leaseback transactions concerning corporate real estate in the UK. The research has been conducted using standard event study methodology. A previous study in the US demonstrated that the share price of the seller-lessee firm tends to increase on the announcement of a sale and Leaseback transaction. The authors concluded that this positive market reaction was due to an overall reduction in the present value of expected taxes. In contrast, empirical research for the UK presented in this paper shows that the share price of the seller-lessee tends to fall on the announcement of a sale and Leaseback transaction. We think that this generally negative reaction may be due to the stock market treating many UK sale and Leaseback transactions as a signal that the seller-lessee's net operating cash flow situation is worse than had previously been thought.