Carlyle, a private equity firm, agreed to acquire net lease business of iStar, a company focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on institutional quality properties, for $3bn. "Acquiring iStar’s net lease business jump starts our real estate credit strategy, quickly giving us scale to accelerate deployment. We expect to grow this net lease strategy into a $10 billion business with a focus on making the product available to the retail channel over time. We set out to grow the Global Credit platform in part by expanding into adjacent, scalable areas and this is another example of how we are delivering," Mark Jenkins, Carlyle Head of Global Credit.