STORE Capital Completes $40 million Sale-Leaseback with Corinthian Colleges, Inc.
SCOTTSDALE, AZ (February 29, 2012) – STORE Capital, a real estate investment trust (REIT) that invests in single tenant real estate such as chain restaurants, supermarkets, health clubs, education and other retail, service and distribution facilities, today announced that it completed a $40 million sale-leaseback with Corinthian Colleges, Inc. (NASDAQ: COCO), one of the largest post-secondary education companies in North America.
Under the terms of the agreement, STORE Capital purchased five Heald College facilities located in Northern California and leased the assets back to Corinthian Colleges under long-term, triple-net leases. Heald College is a regionally accredited institution that has been delivering quality, career-focused academic programs in the fields of healthcare, business, legal and technology since 1863. Corinthian Colleges owns and operates a total of 123 colleges and training schools in 26 states and Canada through its Heald, Everest and WyoTech brands.
Christopher H. Volk, chief executive officer of STORE Capital, commented, “Corinthian Colleges is a fine academic institution with a rich history of success and we are pleased to add the company to our growing number of high-quality tenants. This transaction is mutually beneficial as it provides Corinthian Colleges with added working capital liquidity and allows us to add five of Corinthian’s quality Heald campuses to our diversified portfolio. We are proud of the attractive solution we provided Corinthian and look forward to meeting the needs of other real estate-intensive operating businesses.”
STORE Capital has provided or committed to more than $300 million in sale-leaseback financings since its inception in May of 2011. STORE, which stands for Single Tenant Operational Real Estate, is led by Morton H. Fleischer and Christopher H. Volk along with a seasoned senior management team that has worked together for many years. Collectively, the team has invested nearly $10 billion in more than 7,000 properties over the past three decades, raised approximately $3 billion in capital and returned more than $5 billion to investors.
About STORE Capital
STORE Capital is a real estate investment trust backed by funds managed by Oaktree Capital Management, L.P. The company provides tailored real estate lease and mortgage financing solutions to help address the long-term capital needs of real estate intensive operating businesses throughout the United States. STORE’s aim is to create wealth for its customers by improving the capital efficiency of their businesses.