Buffett's company buys 10 percent of Scottsdale real estate investment firm

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Warren Buffett. (Source: forbes.com). Warren Buffett. (Source: forbes.com).
OMAHA, NE (AP) -

Warren Buffett's company is spending $377 million to pick up 9.8 percent of a real estate investment trust called Store Capital.

The Scottsdale-based real estate firm announced Berkshire Hathaway's investment on Monday.

Berkshire bought 18.6 million shares of Store Capital Corp. for $20.25 per share in a private placement sale.

Store Capital's stock jumped nearly 11 percent to $23 after the investment was announced.

Berkshire is a conglomerate based in Omaha, Nebraska, that owns more than 90 companies, including Berkshire Hathaway Home Services. It also owns Geico insurance, BNSF railroad and several major utilities.

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