Oak Street, a division of Blue Owl and a real estate investment firm, and GIC, a global investment firm headquartered in Singapore, have purchased STORE Capital, a net-lease real estate investment trust that invests in single-tenant operational real estate.
STORE Capital owns a portfolio that consists of investments in over 3,000 property locations across the U.S., substantially all of which are profit centers. The firms have acquired all of the outstanding shares of common stock of STORE Capital for $32.25 per share in an all-cash transaction valued at approximately $15 billion, including assumed debt.
“We are excited to have successfully closed this transaction and joined forces with GIC and Oak Street, giving STORE access to efficient long-term capital to continue to provide our unique real estate financing solutions to the large market we serve,” said Mary Fedewa, president and chief executive officer of STORE Capital.
Evercore and Goldman Sachs & Co. LLC acted as financial advisors to STORE Capital, and DLA Piper LLP and Kutak Rock LLP acted as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. acted as financial advisors to GIC and Oak Street. In addition, J.P. Morgan Securities LLC and BofA Securities acted as financial advisors to GIC. Morgan Stanley acted as financial advisor to Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to GIC and Kirkland & Ellis LLP acted as legal counsel to Oak Street.