SouthState to sell 170 bank branches to Blue Owl Real Estate for $475M in sale-leaseback transaction

1/13/2025

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Seeking Alpha

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• Subcategory: Retail: Specialty, Specialty

• Tag: Sale | Strategy

• Additional Filters-Subcategory: Retail: Bank

• Additional Filters-Tags: Sale-Leaseback (SLB)

• Company: Blue Owl (NYSE: OWL), SouthState Corp. (NYSE: SSB)

SouthState Bank, N.A., owned by SouthState Corp. (NYSE:SSB), agreed to sell about 170 bank branch properties to Blue Owl Real Estate Capital LLC for a total of $475M, it disclosed on Monday.

In the form of triple net lease agreements, SouthState (NYSE:SSB) will lease each of the branches located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. This sale-leaseback transaction is expected to close in Q1 2025 and result in a pre-tax gain of ~$225M (after transaction-related expenses). The proceeds are anticipated to be used for general corporate purposes.