American Realty to sell its shopping centers to Blackstone
(Reuters) - American Realty Capital Properties Inc (ARCP.O) said it planned to sell nearly all of its shopping centers to Blackstone Group LP (BX.N) for $1.98 billion in cash.
The real estate investment trust said proceeds from the sale would be used to fund its purchase of more than 500 Red Lobster restaurants from Golden Gate Capital in a sale-leaseback deal.
Darden Restaurants Inc (DRI.N) said last week that it would sell Red Lobster to Golden Gate for $2.1 billion in cash.
The properties to be sold are those American Realty had earlier said it would spin off into American Realty Capital Centers Inc.
(Reporting by Sweta Singh in Bangalore; Editing by Kirti Pandey)