Objectives, Motivation and Function


The objectives of the individual leasing parties are: 

  • lessee
    • usage objective
    • optimising return on equity (ROE)
    • preserving liquidity
    • calculability
    • equity optimisation
      • indirect leasing (purchase leasing property from outside party)
        • no equity commitment
        • transfer of investment risk
      • direct leasing or sale and lease back (purchase leasing property from future lessee)
        • release of tied-up equity capital
        • realisation of hidden reserves
        • reduction of investment risk
    • possibly slow exit
  • lessor
    • capital investment objective
    • potent long-term real estate user 


  • combination of lessee objectives (use of a property built to the operational specifications) and the lessor objectives (capital investment with stable long-term user)
  • successor arrangement for divestment of the funds tied up in real estate


  • real estate usage with complete outside financing
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