VEREIT Sells $204M Red Lobster Pool, Enters Partnership to Sell Additional $400M

PHOENIX — Phoenix-based VEREIT Inc. has sold a $204 million pool of Red Lobster properties to San Francisco-based Golden Gate Capital.

Additionally, the two companies have entered into a strategic partnership where VEREIT will opportunistically divest an additional $400 million of properties by executing single- or multi-unit dispositions at accretive valuations.

The Red Lobster restaurants that are part of this transaction will continue to operate without change or disruption.