sale and leaseback at below fair value

Hello Sir,

I have just gone through the examples on sale/leaseback and had a question in relation to same at above/below market value.

As raising capital is the desired result surely the intention would be to receive as high as price as possible meaning that whatever figure you were to actually receive for a property would in fact be “market value”. If so would it be appropriate to then use the sale proceed figure ($9m in the second example) in order to calculate the percentage to calculate your right of use figure and in turn have a corresponding gain/loss in SPL?

Thanking you for your assistance,

John