Albertsons Cos. LLC has entered an agreement to sell 71 of its stores to a real-estate investor in a leaseback deal intended to free up $720 million.
According to a Sept. 25 filing with the U.S. Security and Exchange Commission, C.F. Albert LLC, an unknown entity based in Delaware, will purchase the properties and lease each one back for an initial term of 20 years. Albertsons has eight options for five-year renewals of lease terms.
The sale-leaseback of the properties, subject to customary closing conditions, is anticipated to close during the 12-week period ended Dec. 2.
The filing didn't disclose how Albertsons plans to use the $720 million, nor did it share which properties are involved in the deal.