Friday, 24 November, 2017

Store Capital Stock Soars After Berkshire Hathaway Buys Nearly 10% Stake

Pre-Market Trade Buzz: McDonald's Corporation (NYSE:MCD), Oclaro, Inc. (NASDAQ:OCLR) Store Capital Stock Soars After Berkshire Hathaway Buys Nearly 10% Stake
Heather Davidson | 28 June, 2017, 05:15

Berkshire Hathaway Inc has taken a almost 10 per cent stake in Store Capital Corp, a real estate company that invests in single-tenant properties, adding to bets in the sector by the conglomerate controlled by billionaire Warren Buffett.

Store Capital shares were down about 16.5% in 2017 before the Buffett investment.

STORE Capital primarily invests in single-tenant properties that lease to chain restaurants, supermarkets, drug stores and other companies tied to retail, movie theaters, early childhood education, service and distribution.

Buffett, who built Berkshire Hathaway Inc. into one of the world's largest companies, has long sought to separate politics from investing.

Buffett is a believer in the real estate space and in 2016 said there is no bubble, Business Insider noted.

Screenshot

The CEO of Berkshire Hathaway said the US could afford to provide all Americans with government healthcare as its "gobbling up well over $3 trillion a year". They were prepared to take advantage of an attractive buying opportunity in the market and they did so.

Mr. Buffett didn't immediately respond to a request for comment.

Shares of Store Capital are trading down 1.86% at $22.68 on Tuesday.

When Woodruff asked whether the country needed to "think about some sort of single-payer system", Buffett said it would be the more effective way to bring down costs.

About 10 days ago, Mr. Weschler called Store Capital to say that Berkshire wanted to make an investment, Mr. Volk said. AMC Entertainment, Applebee's and Ashley Furniture are among its 10 biggest customers, according to an investor presentation. The stock's market capitalization is 276.72M. That makes Berkshire its third-largest investor.

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