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Four Corners Property Trust Buys Four Kentucky Fried Chicken Restaurants for USD 3.9m in Cash
Thursday 15 September 2016

15 September 2016 - California-based real estate investment trust Four Corners Property Trust (NYSE: FCPT) has acquired real estate of four KFC restaurants in the Detroit, Michigan MSA for USD 3.9m, the company said.
FCPT funded the acquisition with cash on hand.
The restaurants are 100% occupied under new triple-net leases with terms of 20 years, and the transaction closed at a going-in cash cap rate consistent with previously announced transactions.
KBP Foods, a 360 unit franchisee, has committed to renovate the properties in the next few years.
FCPT, headquartered in Mill Valley, California, is primarily engaged in the acquisition and leasing of restaurant properties.
Details
Date Published: 15/09/2016
Target: Real estate of four KFC restaurants in the Detroit, Michigan MSA
Country: USA
Deal Size: 3.9m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Vendor:
Buyer: Four Corners Property Trust
Comment:


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