Examines the valuation of a real estate leasing certificate inBelgium. Develops a detailed model, which derives from the valuationtheory concerning participating, redeemable bonds. Permits a user togenerate valuations of real estate certificates for any number ofassumptions. Concludes that a real estate valuer could also use themodel to test the reasonableness of their expert valuations against thetables.
Journal of Property Valuation and Investment – Emerald Publishing
Published: Apr 1, 1993