Albertsons To Sell 71 Stores in $720M Sale Leaseback Deal
10/3/17 — Albertsons Cos. LLC has entered into a new agreement where they will sell 71 of its owned locations to a Delaware limited liability company for over $720 million and then lease them back. According to a September 25th filing made with the SEC, Albertsons expects to enter into lease agreements with purchaser “CF Albert LLC” for an initial terms of 20 years.
In the filing, a wide range of Albertsons-owned banners were named as sellers of the 71 locations including Safeway, Acme Markets, Vons, Jewel Food Stores, Dominick’s Finer Foods, and Randall’s Food & Drugs. A list of the specific properties being sold was not included in the filing.
Expected to close before December 2, the deal would allow Albertsons to have more liquid assets and free up some cash, but as of now, the company has not disclosed what the $720 million will be used for.