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15 September 20222 minute read

DLA Piper advises STORE Capital on its definitive agreement to be acquired by GIC and Oak Street for US$14bn

DLA Piper advised STORE Capital Corporation (STORE Capital), an internally managed net-lease real estate investment trust (REIT), on its entry into a definitive agreement to be acquired by GIC, a global institutional investor, in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors. The all-cash transaction is valued at approximately US$14 billion and is expected to close in the first quarter of 2023.

Founded in 2011, STORE Capital is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate. As one of the largest and fastest growing net-lease REITs, 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 deal team was co-led by David Lewis, the managing partner of DLA Piper’s Phoenix office, and Kerry Johnson (Chicago), and included partners Jamie Knox (New York) and Andy Sroka (Boston); of counsel Katie LaKoma (Chicago); and associates Vince Schiavoni, Nick Young, and Jordan Correll (all Phoenix).

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.