VEREIT Trades $204M Red Lobster Pool
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The Red Lobster portfolio has been “a successful investment,” Rufrano says.
PHOENIX—In keeping with its plan of reducing its restaurant real estate holdings, VEREIT said Thursday it had sold a $204-million portfolio of Red Lobster locations back to private equity firm Golden Gate Capital. The two companies will also partner on divesting an additional $400 million of Red Lobster properties.
The Red Lobster sites were part of VEREIT’s $1.5-billion acquisition of approximately 500 locations from San Francisco-based GGC in a sale-leaseback. That deal in turn was an outgrowth of GGC’s $2.1-billion acquisition of the seafood chain from Darden Restaurants. Both deals closed in July 2014…
