Commercial Real Estate Finance

Posts Tagged ‘sale leasebacks’

Scott C. Butler is a principal of Kaplin Stewart, a regional law firm focused on real estate development, land use and zoning, bankruptcy/creditor’s rights among many others. Mr. Butler is a member of the Real Estate Transactions and Corporate Law & Business Planning Departments. He has also represented buyers and sellers in complex commercial transactions, including sale and leaseback acquisitions and transfers of equity interests in owners of real estate. Mr. Butler is active in all aspects of real estate transactional work including retail and office leasing, limited partnership and limited liability company agreements, acquisition and sales agreements, brokerage and management agreements, condominiums and planned communities, and construction and permanent loan financings.

Q: As a company, tell me about the niche you have carved out for yourself and how you feel you are different from the competition. Why do you find this product type more appealing than alternative real estate asset classes?

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In Europe, advisers  say chief financial officers from London to Lisbon have been comparing the costs of raising finance through issuing new shares, bonds or by turning their own property into cash.

With stock prices down, share issuance is expensive because investors, fearing stocks could keep falling, are demanding hefty discounts.

Bonds are costly because yield premiums over government paper have widened over the past year, and investors are shying away from corporate debt from all but the highest investment-grade issuers. Banks that used to issue mortgages with just 20% equity are now demanding as much 45%.
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