Deals
Carlyle Buys iStar’s Net-Lease Business for About $3 Billion
- Purchase by Carlyle credit unit is part of real estate push
- IStar net lease executive team joins Carlyle credit arm
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The global credit unit of Carlyle Group Inc. agreed to acquire iStar Inc.’s net lease business for about $3 billion in enterprise value as part of Carlyle’s expansion in real estate.
The unit will provide equity for the purchase, with Carlyle itself adding a minority balance sheet investment, according to a press release. Net-leases are rental contracts where the tenants agreed to pay for costs associated with the property besides the rental amount.