American Realty Capital Properties, Inc. (NASDAQ: ARCP) announced that it is going to sell most of its multi-tenant shopping centers to a Blackstone Group affiliate for $1.98 billion in cash. This ends the company’s plans to spin off the division to shareholders. The company will use the proceeds to fund its sale-leaseback deal for Red Lobster’s real estate portfolio. Golden Gate Capital agreed to buy Darden Restaurants’ Red Lobster chain for $2.1 billion. Under the deal, American Realty is acquiring the properties and leasing them back to Red Lobster in a $1.5 billion transaction.
American Realty Capital Properties, Inc. owns and acquires single tenant, freestanding commercial real estate that is net leased on a medium-term basis, primarily to investment grade credit rated and other creditworthy tenants.
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India Globalization Capital, Inc. (NYSE: IGC) shares moved higher after Indian president Pranab Mukherjee appointed Narendra Modi as the new Prime Minister of the nation. Modi will succeed Manmohan Singh. Mukherjee will administer the oath of office and secrecy to Modi on May 26.
India Globalization Capital, Inc., through its subsidiaries, operates as a materials and infrastructure company in India and the People’s Republic of China. It engages in mining, trading, quarrying, and sale of iron ore; highway and heavy construction activities; leasing construction equipment; supplying rock aggregate; and the transport and delivery of ore, cement, aggregate, and other materials.
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