{"id":2414,"date":"2026-09-01T09:36:47","date_gmt":"2026-09-01T09:36:47","guid":{"rendered":"https:\/\/valuepartner.com\/?p=2414"},"modified":"2026-09-10T14:55:04","modified_gmt":"2026-09-10T14:55:04","slug":"the-role-of-real-estate-in-determining-business-value","status":"publish","type":"post","link":"https:\/\/valuepartner.com\/en\/2026\/09\/the-role-of-real-estate-in-determining-business-value\/","title":{"rendered":"The role of real estate in determining business value"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text css=””]\n

Many SMEs own their business premises, ranging from the baker with a shop at home to the haulier with their own warehouse. For business valuation, this presents a question that is not always answered unequivocally: does that real estate belong to the value of the enterprise, or should it be viewed separately? For accountants and financial advisors, this is a subject that requires careful consideration. <\/p>\n

1. Operational real estate versus investment property<\/strong><\/h4>\n

The starting point is to distinguish between real estate that is necessary for business operations and real estate that is not part of them. A production hall that the company uses daily is, in principle, part of the operational valuation. Real estate that is not part of the operational business activities is often valued separately. Yet, please note: a building leased to third parties does not by definition fall outside the enterprise. If leasing is itself a substantial part of the revenue model, then that real estate should indeed be included in the operational valuation. <\/p>\n

2. Rent versus ownership in the DCF model<\/strong><\/h4>\n

In a DCF valuation, the operational cash flow is central. When real estate is valued separately, it is customary to normalize the cash flows by assuming a market-rate rent, even if the company owns the building and effectively pays no rent. In this way, a pure operational enterprise value is determined, after which the real estate can be included separately at market value. If you fail to do this, you run the risk that the profit from the real estate is incorrectly counted in the operational valuation. <\/p>\n

3. Value the real estate separately<\/strong><\/h4>\n

After normalizing the operational cash flows, you value the real estate as a separate asset, usually based on market value. This value is then added to the enterprise value, although this does not always happen on a one-to-one basis. Take matters such as deferred tax, selling costs, or limited marketability into account: the value of redundant assets is added to the enterprise value, considering any taxes and debts. This creates a clear distinction between what the business activities are worth and what the real estate contributes in addition, which also benefits the negotiability of the deal. <\/p>\n

In practice, the market value of the real estate is often determined by an independent, NRVT-registered real estate appraiser. They prepare a separate valuation report with its own justification. This can be included as an appendix in the valuation report or provided separately in the file. <\/p>\n

4. Take financing and taxation into account<\/strong><\/h4>\n

Real estate often brings its own financing structure, such as a mortgage specifically linked to the building. This debt belongs to the valuation of the real estate, not to the operational net debt of the enterprise. Fiscally, deferred corporate income tax is particularly relevant: the difference between the market value and the tax book value of the building can lead to a significant tax claim upon sale. Transfer tax, on the other hand, often plays no role, especially in a share transfer, but it is something to check per situation. These elements can significantly influence the final proceeds for the entrepreneur. <\/p>\n

5. Consider the deal structure<\/strong><\/h4>\n

In a sales process, it is not a given that the real estate is included in the transaction. Some buyers only want to take over the enterprise and lease the building from the selling entrepreneur, while others specifically want to acquire the real estate. A common solution is sale-and-leaseback, where the real estate is sold to an external real estate investor and immediately leased back by the company. This makes the financeability easier for a buyer. By discussing this scenario in advance, you help your client gain a sharp perspective on the best outcome, both for the purchase price and for any future rental income. <\/p>\n

A careful valuation begins with the correct scoping<\/strong><\/h3>\n

Real estate can significantly influence the outcome of a valuation in both directions. By treating this in a structured manner, you prevent discussions afterwards and provide your client with a valuation that does justice to the actual situation. For you as an advisor, this is also an excellent opportunity to look beyond the figures alone and act as a strategic sparring partner regarding the most favorable structure. <\/p>\n

Would you like to easily incorporate these types of nuances into a substantiated valuation report? Try out the business valuation software from ValuePartner. <\/p>\n

Schedule a no-obligation demo here<\/a>.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text css=””] Many SMEs own their business premises, ranging from the baker with a shop at home to the haulier with their own warehouse. For business valuation, this presents a question that is not always answered unequivocally: does that real estate belong to the value of the enterprise, or should it be viewed separately? 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