Ihop Corp. said Tuesday that its Applebee's unit signed a deal to sell and lease back 187 company-owned real estate parcels.

The Glendale-based restaurant chain, which bought Applebee’s in November for $1.9 billion, said it expects about $347 million in proceeds from the sale. The company plans to use proceeds from the agreement to pay down its debt.

The deal is with Drawbridge Special Opportunities Fund LP and gives the buyers the right to refuse to purchase up to 15 percent of the restaurant sites if they are deemed to have material defects. Drawbridge is an affiliate of private equity and hedge fund manager Fortress Investment Group.

The deal is expected to close by June 16.

Ihop sold 41 company-owned Applebee's restaurants in Southern California and Nevada to the chain’s largest franchisee, Apple American Group LLC, in March for undisclosed terms.

Shares in Ihop were up 3.3 percent to $51.95 in early trading Tuesday.