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COLUMBUS, OHIO—Big Lots has entered into sale and leaseback agreements with affiliates of Oak Street Real Estate Capital for the company's distribution centers in Columbus, OH, Durant, OK, Montgomery, AL, and Tremont, PA. Gross proceeds for the transactions, which are expected to close in the company's fiscal second quarter, are expected to be $725 million. Net proceeds are expected to be approximately $550 million.
The company plans to use the net proceeds to fully pay down its revolving credit facility and when market conditions normalize, to invest 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.
