DRI, Red Lobster and ARCK

[rnsmth]

DRI announced plans to sell Red Lobster to a private equity firm

http://www.usatoday.com/story/money/busi...n/9164335/

The next bit from a comment on a SA ARCP article

Quote:•In conjunction with the sale of Red Lobster to Golden Gate Capital, American Realty Capital ( ARCP) agrees to about a $1.5B sale-leaseback deal on more than 500 Red Lobster restaurants.

•The purchase price represents a cash cap rate of 7.9%, with the vast majority of the properties on a 25-year initial term. The leases all provide for annualized 2% rent boosts.

•Already ahead of schedule on its plan for $3B in acquisitions this year, this deal for ARCP assures it.