Carlyle Global Credit to acquire $3b net-lease business

Carlyle’s Global Credit platform has agreed to acquire iStar’s net-lease business for an enterprise value of approximately $3 billion. Equity will come from a combination of Carlyle’s Global Credit platform and a minority balance sheet investment from Carlyle.

Through the transaction, Global Credit will gain a diversified portfolio of triple-net leases spanning industrial, office and entertainment properties across 18.3 million square feet located throughout the United States. In addition, iStar’s net-lease investment team overseeing the portfolio, including Barclay Jones, who has led iStar’s net-lease strategy for more than 20 years, and senior vice president Catherine Tenney, will join Carlyle’s Real Estate Credit team.

“Acquiring iStar’s net-lease business jumpstarts our real estate credit strategy, quickly giving us scale to accelerate deployment,” said Mark Jenkins, head of global credit at Carlyle. “We expect to grow this net-lease strategy in