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GOLDEN CORRAL REALTY CORPORATION COMPLETES STOCK PURCHASE AGREEMENT AND ANNOUNCES NAME CHANGE AND NEW OFFICERS

GOLDEN CORRAL REALTY CORPORATION COMPLETES STOCK PURCHASE AGREEMENT
 AND ANNOUNCES NAME CHANGE AND NEW OFFICERS
 RALEIGH, N.C., July 20 /PRNewswire/ -- Golden Corral Realty Corporation (NASDAQ-NMS: GCRA) reported today that it completed the previously announced acquisition of a group of restaurant properties from affiliates of CNL Group, Inc. These affiliates will own approximately 17 percent of Golden Corral Realty Corporation's common stock. Golden Corral Realty Corporation's shareholders approved this transaction as well as changes to the company's charter and bylaws on June 17, 1992 at the company's annual meeting.
 Additionally, the name of the company has been changed to CNL Realty Investors, Inc. and the company will be managed by CNL Realty Advisors, Inc, an affiliate of CNL Group, Inc. Two principals of CNL Group have been elected to the company's board of directors and as officers of the company. James M. Seneff, Jr. has been designated as the chairman of the board and Robert A. Bourne as the president. "We look forward to working to protect and enhance the value of the company," Seneff stated. Over the next few weeks, all of the company's operations will be moved to CNL's headquarters in Orlando, Fla.
 A total of fourteen (14) properties, currently generating $1,300,000 of annual rental income, were acquired by the company in exchange for 310,699 shares of common stock plus the assumption of $8,939,000 of debt. Bourne stated that this acquisition is expected to "have a positive impact on the company's cash flow per share."
 The company is an equity real estate investment trust which currently owns forty-two (42) properties in fourteen (14) states. These properties are leased on a triple-net basis for use as fast-food or family-style restaurants that are a part of national or regional chains.
 CNL Group, Inc. is a privately held diversified real estate investment company headquartered in Orlando, Fla. with over $650 million of assets under management. CNL has specialized in the acquisition and development of freestanding, net-leased retail properties throughout the United States.
 -0- 7/20/92
 /CONTACT: Robert A. Bourne, President, CNL Group, 407-422-1574/
 (GCRA) CO: Golden Corral Realty Corporation; CNL Group, Inc.; CNL Realty
 Investors, Inc. ST: Florida, North Carolina IN: SU: RCN TNM PER


CM -- CH005 -- 0728 07/20/92 12:20 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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