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Last Updated ( Monday, 19 May 2014 15:26 )
DATE_FORMAT_LC2=Monday,May 19 2014 12:00:00 am EDT   
ARCP Buys Red Lobster Properties in $1.5 Billion Sale-Leaseback Deal

RedLobster webRed Lobster has nearly 700 casual dining seafood restaurants throughout the United States and Canada.New York – American Realty Capital Properties Inc. has entered into a $1.5 billion sale-leaseback for more than 500 Red Lobster restaurant properties. This deal will be completed in conjunction with Golden Gate Capital's acquisition of Red Lobster from Darden Restaurants Inc. Approximately 93.5 percent of the portfolio's leases will be structured with a 25-year initial term; another 6.5 percent will have a weighted average 18.7-year initial term. The portfolio's master leases will include 2 percent annual contractual rent escalations. The deal represents a cap rate of 9.9 percent and a cash cap rate of 7.9 percent.

Red Lobster is a casual dining seafood restaurant company with nearly 700 restaurants in the United States and Canada. It currently employs about 63,000 workers. Red Lobster is also the largest overnight shipper of fresh fish in the restaurant industry. The restaurant chain was a subsidiary of Darden Restaurants. Based in Orlando, Fla., Darden's restaurant portfolio also contains Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House.

— Nellie Day






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