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ARCP sells shopping center portfolio to Blackstone for $2b
American Realty Capital Properties has plans to sell nearly all of its shopping centers to Blackstone Real Estate Partners VII, an entity managed by The Blackstone Group, for $1.98 billion in cash. The properties included in this portfolio are the same properties ARCP previously announced would be spun off into American Realty Capital Centers.
ARCP plans to use the proceeds from this sale to fund the acquisition of more than 500 Red Lobster restaurant properties in a $1.5 billion sale-leaseback transaction announced last week. This transaction will be consummated in conjunction with Golden Gate Capital's acquisition of Red Lobster from Darden Restaurants.
With the Red Lobster acquisition, ARCP met its acquisition goal for 2014 of $3.0