IHOP Corp. (IHP) has reached an agreement for a $347 million sale-leaseback of all but four company-owned real estate parcels from its Applebee’s unit. A new group affiliated with Drawbridge Special Opportunities Fund LP, Drawbridge Real Assets Fund LP and others reached a purchase agreement for 187 company-owned restaurant real estate parcels, according to a Tuesday release from IHOP. Drawbridge funds are affiliated with Fortress Investment Group LLC (FIG), an alternative asset manager that oversees about $34.2 billion.

The $347 million represents proceeds before taxes from the deal, which is expected to close by June 16. IHOP plans to franchise most Applebee’s restaurants and will be able to transfer the leases to franchisees. IHOP bought Applebee’s International Inc. for $2.04 billion on Nov. 29. The sale of Applebee’s real estate and franchising of company-operated restaurants were to help finance the purchase.

The amount the Drawbridge funds pay for the Applebee’s real estate could be adjusted based on final results of restaurant sales for the 12 months that ended April 30, but the price will be finalized by June 1, the release said. The buyers also could cancel as much as 15 percent of the purchase and adjust the price accordingly if they find material defects in properties.

The deal is proceeding despite challenges from a weak credit market. In a first-quarter earnings report, IHOP CEO Julia Stewart warned that the credit market could affect the timing of IHOP’s plans to complete a sale-leaseback of 191 company-owned Applebee’s restaurants in the second quarter.

The buyer passed on two units for economic reasons and two others because of liquor license issues, said Stacy Roughan, IHOP’s investor relations director. There are about 200 total Applebee’s real estate parcels, and the company is not yet ready to disclose what will be done with the remaining real estate, she said.

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