National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Sale/Acquisition
