Berkshire bulks up in real estate with Store Capital stake

Warren Buffett

"The investment was the result of Berkshire Hathaway contacting us".

STORE Capital shares were trading up over 10% at $22.87 Monday morning.

That amounted to 9.8% of outstanding shares purchased at $20.25 apiece, Store Capital said in a statement.

On Friday, Shares of Cousins Properties Inc (NYSE:CUZ) increased 0.34% and closed at $8.94 after opening 8.93 with the overall traded volume of 11.25 million shares. It is listed as one of the largest and fastest-growing net-lease REITs in America, owning a large and diversified portfolio of single net-lease properties in 1,750 locations within 48 states as of March 31, 2017. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company's stock. Berkshire "saw an opportunity to invest at an attractive price, and they believe in us".

Berkshire did not immediately respond to a request for comment.

The $377 million investment by Berkshire follows a deal last week in which Buffett's company agreed to prop up Canada's Home Capital Group Inc. by providing a credit line and committing to take an equity stake.

"We will be the economic leader", Buffett said in the interview.

Store's portfolio includes more than 1,750 properties in 48 USA states, including such customers as AMC Entertainment and the second-largest Applebee's restaurant franchisee.

About 10 days ago, Mr. Weschler called Store Capital to say that Berkshire wanted to make an investment, Mr. Volk said. The company's Market capitalization reached to $3.76 billion, $418.90 million outstanding shares. The investment makes it Store's third-largest investor, after Vanguard Group and Fidelity Management & Research.

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