STORE Capital to be acquired by GIC and Oak Street in $14b transaction

STORE Capital Corp., an internally managed net-lease REIT that invests in single tenant operational real estate, and GIC, a global institutional investor in partnership with Oak Street, a division of Blue Owl, have entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STORE Capital in an all-cash transaction valued at approximately $14 billion.

STORE Capital owns a large, well-diversified portfolio that consists of investments in more than 3,000 property locations across the United States, substantially all of which are profit centers.

The STORE transaction represents GIC’s second investment in the U.S. net lease sector following the formation in 2021 of a new net lease retail real estate platform with RPT Realty.

The $14 billion STORE acquisition will serve to further consolidate the net lease REIT sector following Realty Income’s acquisition of VEREIT, a real estate investment trust headquartered in Phoenix, Ar