Carlyle Net Lease Income, L.P. signed a definitive agreement to acquire the net lease asset portfolio of iStar Inc. (NYSE:STAR) for $3.1 billion on February 2, 2022. The deal will be financed from a combination of debt financing committed, Carlyle's Global Credit platform and a minority balance sheet investment from Carlyle. Barclay Jones and Catherine Tenney will join Carlyle's Real Estate Credit team post deal completion.

The transaction is subject to customary closing conditions and is expected to close on February 28, 2022. As of February 3, 2022, Carlyle Group expects to close the deal in coming weeks. iStar Inc. expects to record approximately $565 million of net gains in the quarter in which the transaction is completed.

Eastdil Secured, L.L.C. acted as exclusive financial advisor to iStar. Peter Fisch and Salvatore Gogliormella; Brian Krause; Ariel Deckelbaum, Paul Sandler, Austin Witt and Lawrence Wee, David Harris; Geoffrey Chepiga, Steven Herzog; Andrew Gaines; Claudine Meredith-Goujon; William O'Brien; and Marta Kelly of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as a legal advisor to iStar Inc. Andrew Small, Joshua P. Hanna, Albert W. Stemp, Scott B. Toban, Bruce L. Gelman and Matthew S. Lovell of Kirkland & Ellis LLP acted as a legal advisor to Carlyle.