Press Release

Kirkland Advises Carlyle on Definitive Agreement to Acquire $3 Billion Net Lease Business from iStar

Kirkland & Ellis advised Carlyle Global Credit on its definitive agreement to acquire iStar Inc.’s (NYSE: STAR) net lease business for an enterprise value of approximately $3 billion. Equity will come from a combination of Carlyle’s Global Credit platform and a minority balance sheet investment from Carlyle. Through the transaction, Carlyle will gain a diversified portfolio of triple-net leases spanning industrial, office and entertainment properties across 18.3 million square feet located throughout the United States. In addition, iStar’s net lease investment team overseeing the portfolio, including Barclay Jones who has led iStar’s net lease strategy for more than 20 years and Senior Vice President Catherine Tenney, will join Carlyle’s Real Estate Credit team.

Read the Carlyle press release

The Kirkland team was led by real estate partners Andrew Small, Josh Hanna, Al Stemp and Scott Toban and associates Adamantia Konstantinos Giannakis and Hannah Ehrenberg, tax partner Bruce Gelman and associate Chris Worek,technology & IP transactions partner Matt Lovell, and corporate partner Keri Schick Norton.