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 the 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.
Devaney, S. and Lizieri, C. (2004), "Sale and leaseback, asset outsourcing and capital market impacts", Journal of Corporate Real Estate, Vol. 6 No. 2, pp. 118-132. https://doi.org/10.1108/14630010410812298Download as .RIS
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