GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital
STORE Capital Corporation (NYSE: STOR, “STORE”, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate, has 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, 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. “We are very grateful for our equity and debt investors who have supported us since our inception. I would also like to thank all our employees for their commitment in making STORE the great company it is today. Collectively, we remain dedicated to continuing to support our customers.”
“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.
“GIC has had the privilege of working closely with STORE’s team over the last several months. We are extremely impressed with management’s execution capabilities and our conviction in the platform has only grown. As macroeconomic volatility continues, we are proud to provide STORE with the funding and support needed to drive value and deliver long-term financing solutions to middle market U.S. companies,” said Adam Gallistel, Head of Americas, Real Estate, at GIC.
“We are extremely excited to close on our previously announced acquisition of STORE Capital alongside our partners at GIC and begin our collaboration with the STORE management team,” said Marc Zahr, Head of Real Estate at Blue Owl. “This is a highly favorable environment to deploy capital into net lease structures which can help deliver more predictable income in an unpredictable environment.”