GIC and Oak Street completes REIT STORE Capital buyout for $15bn

• Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. acted as lead financial advisors to GIC and Oak Street, with, J.P. Morgan Securities LLC and BofA Securities serving as financial advisors to GIC
• GIC was established in 1981 and is headquartered in Singapore
• Oak Street has $18.6 billion in assets under management as of September 30, 2022

GIC and Oak Street has closed its previously announced acquisition of STORE Capital, a real estate investment trust, for $32.25 per share or about $15 billion.

“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, in a statement.

Evercore and Goldman Sachs & Co. LLC acted as financial advisors to STORE Capital, and DLA Piper LLP (US) and Kutak Rock LLP acted as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. acted as lead financial advisors to GIC and Oak Street. In addition, J.P. Morgan Securities LLC and BofA Securities acted as financial advisors to GIC. Morgan Stanley acted as financial advisor to Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to GIC and Kirkland & Ellis LLP acted as legal counsel to Oak Street.

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.

GIC was established in 1981 and is headquartered in Singapore.

Oak Street has $18.6 billion in assets under management as of September 30, 2022.