STORE Capital Corporation has received a $377m investment from Berkshire Hathaway, who picked up 9.8 per cent of outstanding shares.
Following the deal, Berkshire Hathaway has acquired 18.6 million shares in the company, at the price of $20.25 per share.
The company is a net-lease real estate investment trust that invests in Single Tenant Operational Real Estate. Currently, STORE Capital’s portfolio consists of over 1750 property locations across 48 US states.
STORE Capital president and CEO Christopher Volk said, “Berkshire Hathaway’s investment solidly positions STORE for continued growth, while adding measurably to our already strong financial position.
“An investment in our company from one of history’s most admired investors represents a vote of confidence in our experienced leadership team and an affirmation of our profit-center real estate investment and management approach.”
Earlier this year the company raised $235m in debt capital with a weighted average interest rate of 3.7 per cent.
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