NEW YORK (AP) -- American Realty Capital Properties Inc. has completed its $774 million acquisition of properties from GE Capital, the financial arm of General Electric.
The 447 net properties included in the transaction, which was announced last month, are mostly leased to operators of restaurants such as IHOP, Burger King and Wendy's. The deal originally included 471 properties but ARCP and GE Capital agreed to remove 24 properties from the deal.
ARCP, a New York-based real estate investment trust, has said that the portfolio will help expand and diversify its properties.
In addition, American Realty Capital Trust IV Inc., a real estate investment trust owned by ARCP, has closed on the purchase of 337 net lease properties from GE Capital for $528.2 million.
Those properties are part of a $1.45 billion deal announced earlier this month that includes 986 properties leased mostly to restaurant chains like KFC, Pizza Hut and Wendy's.
ARCT said that it plans to close on the rest of the portfolio in the third quarter. The remainder of the properties will be bought for up to $920 million, excluding of closing costs.
Parent company ARCP said Friday that it still expects to close on its approximately $2.2 billion acquisition of fellow real estate investment trust CapLease Inc. by the third quarter's end.
ARCP said it has surpassed its previously announced target for $1.1 billion in acquisitions this year, having made about $1.14 billion in acquisitions for the year to date.
Shares of American Realty Capital Properties Inc. closed at $15.20 on Thursday. They have traded in a 52-week range of $10.31 to $18.05.