Roughly a year into the pandemic, the sale leaseback market showed clear signs of recovery, buoyed by significant pent up buyer demand and an increasingly active M&A market following a subdued 2020. The pandemic reshaped sector composition considerably, accelerating demand for industrial properties while retail activity contracted sharply from prior year levels. Despite the prior year's slowdown, an attractive value arbitrage between business and real estate multiples persisted across many middle market sub-sectors, supporting an optimistic outlook for 2021.
