{"id":1004566115,"date":"2022-02-03T04:41:42","date_gmt":"2022-02-03T12:41:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566115"},"modified":"2022-12-09T01:31:43","modified_gmt":"2022-12-09T09:31:43","slug":"carlyle-unit-to-acquire-net-lease-business-for-3b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carlyle-unit-to-acquire-net-lease-business-for-3b\/","title":{"rendered":"Carlyle Strikes $3B Deal for iStar\u2019s Net Lease Unit"},"content":{"rendered":"
\"Barclay<\/a>

Barclay Jones, Executive Vice President of Net Lease Investments, iStar. Image courtesy of Carlyle<\/p><\/div>\n

Carlyle<\/strong>\u2019s Global Credit platform has agreed to acquire iStar Inc<\/strong>.\u2019s net-lease business for an enterprise value of $3.07 billion, the two companies announced Wednesday.<\/p>\n

The iStar portfolio consists of triple-net leases spanning industrial, office and entertainment properties totaling 18.3 million square feet across the U.S. No further information is available about the portfolio, a Carlyle spokesperson told Commercial Property Executive<\/em>.<\/p>\n

In addition, the iStar net-lease investment team that had overseen the portfolio, including Barclay Jones<\/strong>, who has led iStar\u2019s net-lease strategy for more than 20 years, and Senior Vice President Catherine Tenney<\/strong>, will join Carlyle\u2019s Real Estate Credit team.<\/p>\n

\n

READ ALSO<\/strong>: Return-to-Office Plans Stall Again<\/a><\/p>\n

\n

Carlyle\u2019s Head of Real Estate Credit, Roger Cozzi<\/strong>, served as iStar\u2019s CIO & co-head of its investment committee from 1995 to 2007 and played a major role in this acquisition.<\/p>\n

In a prepared statement, Mark Jenkins<\/strong>, head of Global Credit at Carlyle, said that acquiring iStar\u2019s net lease business jump starts the company\u2019s real estate credit strategy, giving it scale to accelerate deployment.<\/p>\n

\"Catherine<\/a>

Catherine Tenney, Senior Vice President, iStar Inc. Image courtesy of Carlyle<\/p><\/div>\n

He added that Carlyle expects to grow this net-lease strategy into a $10 billion business, as part of which it will also expand into the retail sector.<\/p>\n

Its Global Credit platform has been Carlyle\u2019s fastest-growing segment over the past three years, surging to a record $66 billion in AUM as of the third quarter, more than two times larger than it was less than four years ago.<\/p>\n

The transaction is expected to close in this quarter, assuming the satisfaction of certain customary closing conditions.<\/p>\n

Eastdil Secured served as exclusive financial advisor to iStar.<\/p>\n

Steady into 2022<\/h2>\n

Last year, Global Credit made its first fund investment in the net lease arena by agreeing to provide up to $300 million in growth capital to New Jersey-based Four Springs Capital Trust. <\/strong><\/p>\n

In March 2021, Four Springs acquired a distribution facility in Oklahoma City<\/a> that is occupied by Amazon<\/strong> under a long-term lease. The seller was Crown Enterprises<\/strong>.<\/p>\n

After hitting historic lows in the third quarter, cap rates in the single-tenant net-lease sector rebounded slightly for industrial properties, to 6.77 percent, and remained stable for office assets, at 6.80 percent, according to a fourth-quarter report from The Boulder Group<\/strong>.<\/p>\n

The change was attributed to a limited supply of suitable properties with long-term leases, locations in primary markets and investment-grade tenants.<\/p>\n

Boulder Group expects the sector to remain active this year and surpass the 2021 deal volume.<\/p>\n","protected":false},"excerpt":{"rendered":"

The diversified portfolio totals 18 million square feet.<\/p>\n","protected":false},"author":882,"featured_media":1004454457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742,21747],"tags":[33101,38037,32940,36109],"class_list":["post-1004566115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","category-office","tag-eastdil-secured","tag-istar","tag-the-boulder-group","tag-the-carlyle-group"],"acf":[],"yoast_head":"\nCarlyle Strikes $3B Deal for iStar\u2019s Net Lease Unit - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Carlyle\u2019s Global Credit platform has agreed to acquire iStar Inc.\u2019s net-lease business for an enterprise value of $3.07 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/carlyle-unit-to-acquire-net-lease-business-for-3b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carlyle Strikes $3B Deal for iStar\u2019s Net Lease Unit\" \/>\n<meta property=\"og:description\" content=\"Carlyle\u2019s Global Credit platform has agreed to acquire iStar Inc.\u2019s net-lease business for an enterprise value of $3.07 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/carlyle-unit-to-acquire-net-lease-business-for-3b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T12:41:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:31:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/SIOR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Carlyle Strikes $3B Deal for iStar\u2019s Net Lease Unit\",\"datePublished\":\"2022-02-03T12:41:42+00:00\",\"dateModified\":\"2022-12-09T09:31:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/\"},\"wordCount\":446,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/06\\\/SIOR.jpg\",\"keywords\":[\"Eastdil Secured\",\"iStar\",\"The Boulder Group\",\"The Carlyle Group\"],\"articleSection\":[\"Featured\",\"Industrial\",\"Investment\",\"National\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carlyle-unit-to-acquire-net-lease-business-for-3b\\\/\",\"name\":\"Carlyle Strikes $3B Deal for iStar\u2019s Net Lease Unit - 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