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American Realty Capital Properties announces agreement to acquire Red Lobster real estate in about $1.5 bln sale-leaseback transaction from Darden Restaurants

Friday, 16 May 2014 08:11am EDT 

American Realty Capital Properties Inc:Enters into about $1.5 bln sale-leaseback transaction for over 500 Red Lobster restaurant properties.Transaction will be consummated in conjunction with Golden Gate Capital's acquisition of Red Lobster from Darden Restaurants, Inc.Purchase price represents a GAAP cap rate of 9.9pct and a cash cap rate of 7.9pct.93.5pct of the $1.5 bln portfolio's leases will be structured with a 25-year initial term and 6.5pct will have a weighted average 18.7-year initial term. 

Company Quote

1.2 +1.82%
24 Apr 2015