Oak Street Makes Offer to Acquire Up To $2bn of Property from Kohl’s – Reuters
2022.09.02 18:14
Oak Street Makes Offer to Acquire Up To $2bn of Property from Kohl’s (KSS) – Reuters
By Sam Boughedda
A report from Reuters Friday states that private equity firm Oak Street Real Estate Capital has offered to buy up to $2 billion of property from Kohl’s (NYSE:KSS).
Kohl’s shares jumped over 7% Friday.
Reuters, citing sources, said Oak Street wants to acquire the property and lease back the stores to the US retailer.
The interest from Oak Street provides Kohl’s an opportunity for another deal after the company’s negotiations to sell itself to Franchise Group (NASDAQ:FRG) for nearly $8 billion fell through in July.
A Reuters journalist explained that sources told them Oak Street has proposed a fee between $1.5 billion and $2 billion to buy Kohl’s real estate, with the firms meeting in the last few days for discussions. However, the journalist stated there is no guarantee a deal will be reached, and negotiations will continue.
In addition, it wasn’t confirmed how many of Kohl’s stores would be involved in a potential deal.
Oak Street declined to comment when reached in response to the Reuters report.
