IHOP shares rise on property deal
From Times Wire Services
IHOP Corp. shares rose 2% after the restaurant operator said its Applebee’s business unit signed a sale-lease-back deal that was expected to generate gross proceeds of about $347 million.
Glendale-based IHOP said the deal with Fortress Investment Group’s Drawbridge funds involved 187 company-owned real estate parcels. It is expected to close by June 16.
IHOP shares rose 98 cents to $51.28.
