ARCP is buying the real estate owned by Red Lobster, a subsidiary of Darden Restaurants (DRI). The $1.5 billion sale-leaseback transaction is being consummated with Golden Gate Capital who will operate the stores and lease them back from ARCP, one of the few REITs large enough to digest the big lobster chain. In order to successfully complete the massive deal ARCP intends to sell its shopping center portfolio to Blackstone Group (BX) and complete an equity offering (ARCP fully exercised 138 million new shares yesterday raising around $1.65 billion in proceeds). TheStreet's Brad Thomas recently caught up with ARCP's CEO Nicholas Schorsch to discuss his company's string of announced capital markets announcements and his reasons for acquiring the Red Lobster real estate.
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