Bed Bath & Beyond Inc. announced on Monday it has completed the sale-leaseback of a variety of properties with an affiliate of Oak Street Real Estate Capital for $250 million.
“We are pleased to complete this sale-leaseback transaction,” Mark Tritton, CEO and president, Bed Bath & Beyond, said. “This marks the first step toward unlocking valuable capital in our business that can be put to work to amplify our plans to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value.”
The Union-based retailer said the properties sold represented approximately 2.1 million square feet of commercial space made up of retail stores, a distribution facility and office space. Bed Bath & Beyond said it will continue to occupy the properties in accordance with their leases.
