publication . Book . 2001

“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Lizieri, Colin; Ward, Charles;
Open Access English
  • Published: 01 Jan 2001
  • Publisher: University of Reading
  • Country: United Kingdom
Abstract
Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The pape...
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