Restaurant sales exceed expectations

The fast food company says total proceeds from the programme will be $53.78 million compared to the estimated realisable value of $45 million.

"Restaurant Brands is pleased with the outcome of the sale and leaseback process, with the total values achieved well ahead of expectations," the company says.

41 of the sites were sold at auction - 26 in Auckland and 15 in Wellington - while a single buyer purchased the 10 South Island properties prior to auction.

Six KFC properties owned by the company were not part of the auction programme and have been retained for the time being. Settlement of the sales is due from the end of January and should be completed by the end of February.

All of the properties sold will be leased back for a period of approximately 12 years at market rentals.

RBD says it will use the proceeds of the sales to pay down debt and fund future growth.

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