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Corporate Real Estate Sale and Leaseback: the Effect on Performance and Beta Risk
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
2011 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Corporate owned real estate is one of the world’s largest asset classes. Yet the US market and later on the European market has come towards a trend of refining businesses and using corporate real estate as a financing alternative by performing sale and leaseback transactions. This paper aims to complement and interlink research on event studies focusing on corporate real estate sale and leaseback and studies focusing on measuring risk and performance with variations in corporate real estate holdings. The study is delimited to companies publicly traded on the Swedish stock exchange. A  quantitative survey has been conducted in which data from 23 observations has been analyzed. A positive relationship between stock performance and  corporate real estate sale and leaseback transactions has been found. It is also noted that   companies that intend to use the disengaged capital to focus on core business show an increase in systematic risk. Furthermore an increase in stock performance is found when transaction value to firm value is high. Investors and corporate managers are encouraged to evaluate possibilities for their corporate real estate holdings since the results indicate that the diversification should take place on the investment level rather than on the corporate level. 

Place, publisher, year, edition, pages
2011. , 35 p.
Keyword [en]
Corporate Real Estate, Sale and Leaseback, Performance, Risk
National Category
Civil Engineering
Identifiers
URN: urn:nbn:se:kth:diva-76701OAI: oai:DiVA.org:kth-76701DiVA: diva2:491087
Subject / course
Real Estate Economics
Educational program
Degree of Master - Real Estate Development and Financial Services
Uppsok
Technology
Supervisors
Examiners
Available from: 2012-02-07 Created: 2012-02-06 Last updated: 2012-02-07Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf