Deals
American Realty to Sell Shopping-Center Assets to Blackstone
This article is for subscribers only.
American Realty Capital Properties Inc., the largest U.S. owner of single-tenant real estate, plans to sell most of its multitenant shopping-center buildings to affiliates of Blackstone Group LP for $1.98 billion in cash.
American Realty expects to complete the deal within 30 days and use the proceeds to fund its purchase of Red Lobster’s real estate portfolio, the company said today in a statement. The New York-based real estate investment trust raised its full-year target for acquisitions to $4.5 billion.