SECURITIZATION OF THEIR property portfolios has been a no-brainer for corporates in recent years. From supermarkets to pubs, company treasurers swiftly realized that the leverage they could achieve by monetizing their real estate was far higher than anything on offer elsewhere. The corporate securitization market therefore morphed into a hybrid CMBS market, with tenant quality and operating cashflows taking a back seat to ballooning property values. But UK commercial property has had a catastrophic start to the year, and this logic has been turned on its head.
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