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National  + Net Lease  | 

GIC, Oak Street to Acquire STORE Capital for $14B

Net lease REIT STORE Capital Corporation (STOR) said Thursday it had entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STOR in an all-cash transaction valued at approximately $14 billion. STOR Shareholders will receive $32.25 per share in cash. 

“This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, our experienced leadership team and our disciplined investment approach,” said Mary Fedewa, president and CEO of STOR. “We look forward to continuing to grow and support our customers.” 

Founded in 2011 with Christopher Volk as president and CEO, Scottsdale, AZ-based STOR invests in Single Tenant Operational Real Estate, hence its name. Its current portfolio runs to more than 3,000 locations across the U.S. 

Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to STORE Capital, and DLA Piper LLP (US) is acting as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. are acting as financial advisors to GIC and Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to GIC and Kirkland & Ellis LLP is acting as legal counsel to Oak Street. The acquisition is expected to close in the first quarter of 2023. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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