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IHOP shares rise on property deal

May 21, 2008|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.

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