Sale and leaseback, asset outsourcing and capital market impacts
Devaney, S.
Sale and leaseback, asset outsourcing and capital market impacts - 2004 - Journal of Corporate Real Estate 6(2) 2004, 118-132(15) .
Structured sale and leasebacks and corporate property asset outsourcing are often claimed to have benefits that seem to be inconsistent with financial theory. Eight such UK deals are analysed to investigate that impact on corporate value. The results show that impacts are contingent - on the capital structure of the firm, on the use of the capital raised and on market attitudes towards management and the sector. Two apparently similar deals can have quite different outcomes: benefits to shareholders and bondholders cannot be simply assumed. [Taken from journal abstract]
OUTSOURCING
SALE AND LEASEBACK
CAPITAL MARKET
CORPORATE REAL ESTATE
SECURITISATION
Sale and leaseback, asset outsourcing and capital market impacts - 2004 - Journal of Corporate Real Estate 6(2) 2004, 118-132(15) .
Structured sale and leasebacks and corporate property asset outsourcing are often claimed to have benefits that seem to be inconsistent with financial theory. Eight such UK deals are analysed to investigate that impact on corporate value. The results show that impacts are contingent - on the capital structure of the firm, on the use of the capital raised and on market attitudes towards management and the sector. Two apparently similar deals can have quite different outcomes: benefits to shareholders and bondholders cannot be simply assumed. [Taken from journal abstract]
OUTSOURCING
SALE AND LEASEBACK
CAPITAL MARKET
CORPORATE REAL ESTATE
SECURITISATION