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Oak Street in $2B bid for Kohl's real estate
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Private equity firm Oak Street Real Estate Capital LLC has made an offer to acquire as much as $2 billion of property from Kohl's Corp and have the U.S. retailer lease back its stores, according to people familiar with the matter.
Oak Street's interest offers Kohl's another chance to cut a deal after negotiations to sell itself to Franchise Group Inc, owner of the Vitamin Shoppe, for almost $8 billion fell through in July over the department store operator's deteriorating business prospects. Oak Street had sought to help finance Franchise Group's bid.
Oak Street has now offered between $1.5 billion and $2 billion to buy real estate from Kohl's and the two sides have met in the last few days to discuss a possible deal, the sources said. There is no certainty that negotiations will continue and that a deal will be reached, the sources added.
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