Priszm fund sells 232 YUM brand restaurants in Canada

TORONTO - Units of Priszm Income Fund (TSX:QSR.UN) fell by a third Monday after it announced the sale of all its 232 restaurants in Ontario and British Columbia to a numbered company for about $46.4 million.
The operator of most of Canada's KFC, Taco Bell and Pizza Hut restaurants, said the decision to sell was made in order to meet liquidity needs and assist with franchise upgrade requirements.
The buyer is a numbered company owned by a European franchisee of Yum! Restaurants International. Yum! operates franchises and handles licences for various fast food restaurants around the world.
The purchase price is subject to various adjustments based on assets and other factors. The deal is expected to close on Feb. 28.
Priszm units fell 9.5 cents to 19 cents on the Toronto Stock Exchange, with almost 308,000 units changing hands, more than eight times the usual volume.

Read More: