Are CVA's undermining Real Estate Investment?

The widespread practice of reducing rent obligations is leading to problematic outcomes. The UK restaurant chain Leon just last December completed a CVA and today's media report that the operation is sold for an eye-watering amount, giving the founders a substantial multi-million pound pay-off. One has to assume that the sale was made much easier now that the rent bill was reduced - at the expense of the landlords one has to assume (happy to hear about details of the CVA in case you are privy to the information).