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Problematic Differentiation between Property Bonds and Leases in Healthcare Provision

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  • Graham Squires
  • Patrick Dempsey

Abstract

Investment into healthcare is now attracted by creating leases with guaranteed rental uplifts creating a property bond in all but name (Enever, N., Isaac, D., and Daley, M., 2010). Given the collapse of notable healthcare institutions, this research proposes more effective modelling of institutional investment for sustainable healthcare provision. Quantitative comparators are used to establish a differentiation between rental growth, care costs/charges and RPI. Qualitative data regarding the way in which advisers and investors view the security and value of these new instruments are gained via interviews with professionals in the market (Hardin, W., 1999). Findings consider the differentiation between rental growth defined by the balance of supply and demand, and indexed rental uplifts. This is in addition to a misunderstanding of the nature of the investment vehicles currently being marketed (Gilovich, T., Griffin, D. and Kahneman, D., Eds. 2002). As such, the new investment vehicles question the sustainability of modern private healthcare provision. Thus meaning that the dissemination of professional education will be required to create a market correction in the valuation and sale of these products.

Suggested Citation

  • Graham Squires & Patrick Dempsey, 2013. "Problematic Differentiation between Property Bonds and Leases in Healthcare Provision," ERES eres2013_71, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2013_71
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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