Oak Street Real Estate Capital has made an offer to acquire a portion of Kohl's portfolio of retail stores for up to $2B in a sale-leaseback deal, Reuters has reported.
Prior to the sale-leaseback offer, Oak Street was in negotiations to finance the sale of the Kohl's retail chain to Franchise Group—the owner of Vitamin Shoppe—for $8B, a deal that fell through in July as the department store chains balance sheet deteriorated.
Reuters said it was not certain how many of Kohl's 1,100 stores would be involved in the proposed sale-leaseback with Oak Street. Kohl owns 410 of its store locations, leases 517 stores and operates ground leases for 238 retail facilities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
