In 2017, Buffett and Berkshire Hathaway invested $377 million inStore Capital Corp.(NYSE:STOR), a Scottsdale, Arizona-based retail and industrial property real estate investment trust (REIT) that was founded in 2011. Buffett trimmed his shares of the REIT by more than half during the second quarter of this year, which now appears to be a poorly timed move.
Store Capital announced Thursday that it has agreed to be acquired by Singaporean sovereign fund GIC and Oak Street for about $14 billion. Store Capital shareholders will receive $32.25 per share, a premium of 20.4% over the stock's closing price on Wednesday.
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