Four Corners Property Trust (FCPT) has purchased six Red Lobster restaurant properties in the US for $25.9m.
The outlets are located in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota.
The properties are under a single triple-net master lease and include two other Red Lobster locations acquired by FCPT in November last year.
The master lease currently has nearly 21 years of term remaining with rent escalations of 2% every year.
FCPT CEO Bill Lenehan said: “This transaction marks over $510m in closed deals since our investment platform launched in July 2016.
“To date, FCPT has closed $449m of acquisitions across 197 properties and sold seven Darden-leased properties for $63m.”
Headquartered in Orlando, Florida, the chain currently operates more than 700 restaurants across the US and Canada and offers a range of seafood options.
In May this year, FCPT also acquired a Red Lobster property in Pennsylvania for $1.8m. It is occupied under a triple-net lease with approximately nine years of term remaining.
FCPT recently announced its decision to raise $100m through issuing senior, unsecured fixed-rate notes, which is likely to conclude by 20 December 2018.
Net proceeds from the offering will be spent to reduce amounts outstanding under FCPT’s unsecured credit facility. Funds raised will be used for future acquisitions and general corporate purposes.
FCPT is a California-based real estate investment trust that acquires and leases restaurant properties.