Darden to spin off real estate holdings

Darden to spin off real estate holdings

Company will transfer 430 properties into a REIT, arrange sale-leasebacks on 75 more

Darden Restaurants Inc. will spin off much of its vast real estate holdings into a real estate investment trust, or REIT, the company said Tuesday, giving investors a long-awaited value initiative.

Darden is also planning sale-leasebacks on an additional 75 properties, which are expected to close by the end of August. The company plans to use funds from its real estate deals to pay off about $1 billion in debt.

“This strategic real estate plan is the result of a compre

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