ABSTRACT This research evaluates the impact of Sale and Leaseback (SLB) on UK commercial property prices and yields, compared with arms-length transactions. Data on 357 SLB deals and 1266 non-SLB deals are extracted from CoStar and EGI. Hedonic regressions and comparative analysis with the risk-free rate are undertaken. In addition to the SLB dummy variable, explanatory variables include building size, quality, age, sector, location and year of transaction. SLB transactions are found to occur at a statistically significant price premium, with the greatest premium occurring in the office sector. SLB properties achieve a 4.5 percentage point premium compared with the risk-free rate. The net initial yield of the SLB transaction sample is around 2 percentage points lower than for the non-SLB sample in every sector. Reasons for these differences are probed by considering the effect of WAULT and tenant covenant strength. From a vendor’s perspective, the results give an indication of the price premium they might be able to negotiate for their property compared with market prices. This will help them assess whether SLB is worthwhile compared with other available financing options. The findings of a yield reduction should help investors decide whether to engage in SLB investment.

中文翻译：

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售后租回对英国商业房地产价格和初始收益率的影响

摘要这项研究评估了回售和回租（SLB）对英国商业地产价格和收益（与正常交易相比）的影响。357个SLB交易和1266个非SLB交易的数据均摘自CoStar和EGI。进行享乐回归和无风险率的比较分析。除了SLB虚拟变量外，解释性变量还包括建筑物的大小，质量，年龄，部门，位置和交易年份。发现SLB交易以具有统计意义的价格溢价发生，其中最大溢价发生在办公领域。与无风险利率相比，SLB资产溢价4.5个百分点。SLB交易样本的净初始收益率比每个部门的非SLB样本低约2个百分点。通过考虑WAULT和租户契约强度的影响来探究这些差异的原因。从卖方的角度来看，结果表明了他们可能能够就市场价格进行谈判的价格溢价。与其他可用的融资方式相比，这将帮助他们评估SLB是否值得。降低收益的结果应有助于投资者决定是否进行SLB投资。