Publications

- November 1, 2019: Vol. 13, Number 10

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Sell high, rent low: The conditions for Europe’s sale-and-leaseback market have never been better

by Arvi Luoma

Sale and leaseback and net-lease investing is an established and growing strategy in the US.

This approach to real estate investment — which was first pioneered back in 1973 — enables corporate owner-occupiers to monetise their real estate assets and redeploy capital into their companies’ core business activities.

The most established net-lease market in Europe is, arguably, the UK. It has played host to some high-profile transactions over the last couple of years, including the sale and leaseback of Goldman Sachs’ new London headquarters to South Korea’s National Pension Service for £1.17 billion (€1.31 billion) and US-based Realty Income Corporation’s £429 million (€482 million) deal to buy 12 UK superstores from a joint venture run by British Land and supermarket chain Sainsbury’s.

Germany, France, Benelux and the Nordics are also well-developed markets, with active domestic net-lease players alongside international investors dabbling in t

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