Singapore’s sovereign wealth fund GIC and real estate investment firm Oak Street have completed the previously announced acquisition of 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.
“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.
“We are thrilled to complete the Store Capital acquisition. As one of the largest M&A transactions in the US real estate market, it highlights GIC’s ability to execute at scale in areas we have high conviction in. With GIC’s long-term, committed capital and Store’s demonstrated operational expertise, we will continue to prudently grow the company and drive strong returns for our portfolio,” said Lee Kok Sun, Chief Investment Officer at GIC.
“This is a highly favorable environment to deploy capital into net lease structures which can help deliver more predictable income in an unpredictable environment,” added Marc Zahr, Head of Real Estate at Blue Owl.
Store Capital is an internally managed net-lease REIT that invests in Single Tenant Operational Real Estate.
Store Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in more than 3,000 property locations across the United States.