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Bob Evans Mulls SLB or REIT Conversion

NEW ALBANY, OH—The news follows the restaurant chain and food manufacturer's announcement that it had retained CBRE to arrange a sale-leaseback of its headquarters and two manufacturing facilities.

By Paul Bubny | Updated on June 12, 2015

NEW ALBANY, OH—Restaurant chain and food manufacturer Bob Evans Farms Inc. said Thursday it’s exploring whether to convert some of its Bob Evans portfolio into a REIT or pursue a sale-leaseback on the properties. The news follows the company’s announcement late last month that it had retained CBRE to pursue a sale-leaseback for its New Albany, OH headquarters and BEF Foods manufacturing facilities in Lima, OH and Sulphur Springs, TX.

“We expect to conclude the assessment of alternative paths for our restaurant real estate over the next several months,” says Mark Hood, CFO at BOBE. Although the transaction’s ultimate size will depend on factors including market values for restaurant real estate and the performance of the company’s business segments, it’s expected to range “from approximately 30% to 60% currently owned restaurant real estate.”

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