Buffett's company buys 10 pct of real estate investment firm

Buffett's company buys 10 pct of real estate investment firm

Experts who track the real estate sector say Store has intentionally weighted its portfolio heavily to service industries, including restaurants, movie theaters, fitness clubs, early childhood education, veterinary clinics and more. The $377 million investment from Berkshire is a wager that some types of storefronts will continue to attract shoppers, even as online shopping has forced the USA retail industry to close stores at a record pace.

Stock market analysts and brokers have recently amended their target prices on shares of Berkshire Hathaway (NYSE:BRK-B).

Arizona-based Store Capital has some insulation from the ongoing problems in traditional shopping retailers.

A press release said Store issued 18.6 million shares of its stock in a private transaction with a subsidiary of Berkshire at $20.25 per share.

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The announcement sent shares of Store Capital higher by more than 10 percent on Monday. 2542983 shares were traded on Berkshire Hathaway's last session. "Berkshire Hathaway's investment solidly positions STORE for continued growth, while adding measurably to our already strong financial position", Christopher Volk, Store CEO said in a statement.

Store Capital has investments in over 1,750 properties in 48 states, according to the company.

Buffett has said real estate was a solid investment that was less volatile than stock prices and likely to produce gains. They were prepared to take advantage of an attractive buying opportunity in the market and they did so.

Berkshire is broadly on the hunt for ways to invest its growing cash pile.

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Berkshire did not immediately respond to a request for comment.

"We will be the economic leader", Buffett said in the interview.

STORE Capital Corp. (NYSE: STOR) is not exactly a household name.

While the US economy and stock markets have been growing since bottoming out in 2009, Buffett said it's the mega-rich who have been reaping the rewards, not the average worker. Camping World Holdings Inc., also a Store Capital customer, won a bankruptcy auction for some of Gander Mountain's assets.

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