A sale and leaseback converts an owned building into capital and a lease obligation. The headline price looks like a property valuation. It is closer to a valuation of the lease.
Term, indexation, covenant
Investors price three things: how long the lease runs, how the rent is indexed, and how strong the tenant covenant is. Improve any of them and the price rises — but each one costs the occupier something later.
The rent can quietly give the value back
A higher price funded by a higher rent is not a better outcome. Both sides of the deal have to be negotiated together, against the occupier's own operating plan.
When it makes sense
Most often when an operating company needs capital for an acquisition rather than for the building it happens to sit in.