Term and Reversion

Term and Reversion

Term & Reversion ist ein Wertermittlungsverfahren aus England zur Bewertung von Immobilien mit relativ konstanten Einkommen und Kosten. Es handelt sich um ein vereinfachtes Discounted Cash-Flow-Verfahren.

Dabei wird davon ausgegangen, dass die Mieten eines Objekten aus zwei Teilen bestehen: einem Teil der sich "Term" nennt und einem zweiten Teil, der "Reversion" heißt. Term bezieht sich dabei auf die Restlaufzeit des laufenden Mietvertrages. Da diese Mieten vertraglich vereinbart sind, ist das Risiko einer Änderung gering. Reversion bezieht sich auf die Mieteinkünfte nach Ablauf des laufenden Mietvertrages. Diese sind naturgemäß ungewiss.

Diese beiden Einkünfte werden horizontal voneinander geteilt. Man diskontiert die den Wert der "Reversion"-Miete mit dem All Risk Yield, den Term mit einem Abschlag von 0,5%-1% auf den All Risk Yield. Der Wert beider Einkünfte wird auf den "Present Value" diskontiert um den "Investment Value" (Kapitalwert) zu bekommen.


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