Yesterday, May 21, 2014, American Realty Capital Properties (ARCP) announced that it was selling its multi-tenant shopping centers to affiliates of private equity giant Blackstone (BX). Here is a Bloomberg article. The all-cash $1.98 billion transaction is expected to close withing thirty days. ARCP had originally planned to spin-off the shopping centers into a separate company. ARCP plans to use a large portion of the $2 billion to complete the acquisition of the 500 Red Lobster properties it agreed to acquire last week for $1.5 billion.
Separately, ARCP filed yesterday to issue 100,000,000 shares of common stock. Today, ARCP announced that it sold 120,000,000 shares at $12.00 per share, bolstering its balance sheet by an additional $1,440,000,000 before fees. ARCP plans to use a portion of the proceeds to repay debt.