Bed Bath & Beyond says it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital, netting it $250 million in proceeds.
Bed Bath & Beyond says it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital.Bed Bath & Beyond's new CEO, Mark Tritton, says the move "marks the first step toward unlocking valuable capital."Bed Bath & Beyond
shares jumped nearly 3% Monday morning after the retailer said it had completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital, netting it $250 million in proceeds. The embattled company's new CEO Mark Tritton, who just took the reins in November, said the deal, which entailed selling real estate and leasing it back, "marks the first step toward unlocking valuable capital ... 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."that the properties it has sold represent about 2.
The company said it is continuing to work with outside financial advisors to review its real estate and determine the best uses "to optimize its asset base and enhance shareholder value." Bed Bath & Beyond said it plans to use the proceeds from the deal announced Monday to reinvest in its core business and transformation efforts, to fund share repurchases and to reduce outstanding debt, or a combination of these tactics.
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