Shore Capital Partners sold its inaugural real estate fund portfolio to Four Corners Property Trust (NYSE: FCPT) for approximately $268 million. The transaction includes 102 veterinary properties operated by Mission Pet Health.
Mission Pet Health will continue to run these locations under long-term net leases. This sale-leaseback model allowed the operator to unlock capital for growth while securing its physical locations. The deal represents a full realization for Shore’s first real estate fund.
Four Corners Property Trust primarily owns restaurant and retail properties. This acquisition diversifies the REIT's portfolio into the non-cyclical veterinary services industry. The transaction excludes the underlying veterinary business operations.