Oak Street Real Estate Capital has made an offer to acquire a portion of Kohl's portfolio of retail stores for up to $2B in a sale-leaseback deal, Reuters has reported.
Prior to the sale-leaseback offer, Oak Street was in negotiations to finance the sale of the Kohl's retail chain to Franchise Group—the owner of Vitamin Shoppe—for $8B, a deal that fell through in July as the department store chains balance sheet deteriorated.
Reuters said it was not certain how many of Kohl's 1,100 stores would be involved in the proposed sale-leaseback with Oak Street. Kohl owns 410 of its store locations, leases 517 stores and operates ground leases for 238 retail facilities.
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