Vereit Strikes $204M Deal To Sell Red Lobster Portfolio

By Andrew McIntyre (November 5, 2015, 2:26 PM EST) -- California private equity investment firm Golden Gate Capital has picked up a portfolio of Red Lobster restaurants from Phoenix-based real estate investment trust Vereit Inc. for $204 million, according to a joint announcement from the companies on Thursday.

For Vereit, the sales are part of a long-term strategy to dispose of properties. Golden Gate Capital and Vereit also plan, through a strategic partnership, to sell an additional $400 million in Red Lobster properties, the companies said on Thursday.

"The acquisition of these Red Lobster properties will generate attractive returns for our investors and reflects our continued confidence in the strength of...

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