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COLUMBUS, OHIO—Big Lots has entered into sale and leasebackagreements with affiliates of Oak Street Real Estate Capital forthe company's distribution centers in Columbus, OH, Durant, OK,Montgomery, AL, and Tremont, PA. Gross proceeds for thetransactions, which are expected to close in the company's fiscalsecond quarter, are expected to be $725 million. Net proceeds areexpected to be approximately $550 million.
The company plans to use the net proceeds to fully pay down itsrevolving credit facility and when market conditions normalize, toinvest in growth initiatives and potential share repurchases.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
