Purpose

The purpose of this study is to find out if corporate real estate ownership is priced into the capital market performance of non-property companies in the UK. This is of particular interest because ownership still represents a significant weight on the balance sheets and is predominantly considered unfavourable due to its bulkiness and difficult revisability in the event of changes in space demand. This draws attention to the UK as one of the most important European economies that have been exposed to strong uncertainties and dynamics, for example, due to the withdrawal voting of the United Kingdom from the European Union (BREXIT).

Design/methodology/approach

A first look at the real estate assets reported in balance sheets provides insight into possible changes in ownership strategy. This serves as a basis for subdividing companies based on their real estate assets using a portfolio-based approach and that are then analysed using the Fama and French multi-factor model with regard to their influence on capital market returns.

Findings

In general, the share of real estate assets has fallen over the past 10 years, although coinciding with BREXIT voting, some industries such as manufacturing show a turnaround. At the same time, ownership is priced in as a factor on the capital market, which applies to a sample across industries, as well as to separately considered sectors in the manufacturing and service industries. The pricing also shows a counter-cyclical pattern.

Practical implications

Corporate real estate management should be aware of the negative influence of ownership, especially against the background of economic fluctuations. The reduction of ownership can reduce the associated cost of capital and increase company success.

Originality/value

Previous UK-related studies mostly refer to a period before the global economic crisis in 2008, and therefore, are too old to reflect a changed view on corporate real estate ownership because of new corporate environmental conditions, based on inaccurate proxies or mainly refer to the retail segment. This research gap is closed.

中文翻译：

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英国资本市场上企业房地产持股的定价

目的

本研究的目的是了解企业房地产所有权是否计入英国非房地产公司的资本市场表现。这一点特别令人感兴趣，因为所有权仍然在资产负债表上占很大比重，并且由于其庞大且在空间需求发生变化时难以修改，因此主要被认为是不利的。这引起了人们对英国作为最重要的欧洲经济体之一的关注，这些经济体面临着强烈的不确定性和动态，例如，由于英国退出欧盟 (BREXIT) 投票。

设计/方法/方法

初步了解资产负债表中报告的房地产资产，可以深入了解所有权战略可能发生的变化。这是使用基于投资组合的方法根据其房地产资产细分公司的基础，然后使用 Fama 和 French 多因素模型对其对资本市场回报的影响进行分析。

发现

总体而言，过去 10 年房地产资产的份额有所下降，尽管与英国脱欧投票相吻合，但制造业等一些行业出现了转机。同时，所有权作为资本市场的一个因素进行定价，这适用于跨行业的样本，以及制造业和服务业中单独考虑的部门。定价也显示出逆周期模式。

实际影响

企业房地产管理应意识到所有权的负面影响，尤其是在经济波动的背景下。所有权的减少可以降低相关的资本成本并提高公司的成功率。

原创性/价值

先前与英国相关的研究大多是指 2008 年全球经济危机之前的时期，因此，由于新的公司环境条件，基于不准确的代理或主要参考零售板块。这个研究差距是封闭的。