(See our deep dive on Blackstone's private REIT here.). In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. NEW YORK and CHICAGO, Dec. 30, 2021 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC ("Oak Street") and its investment advisory business. Again, this is not really at $32.25 as I pointed out. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Oak Street will commit up to $1 billion to the program for one year. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Spicewood, TX 78669, Tel: +1 (312) 731-3391 In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. endobj Oak. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). endobj Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. The closing purchase price of$950 millionwill be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. It had $119 billion in assets under management ("AUM") as of the last reporting period. Oak Street Real Estate Capital is a diversified real estate investment firm. That's a healthy improvement over the pre-deal's 11.8 times, but keen investors know what STOR's 5-year AFFO multiple is around 15.5 times (it's a little over 16 times since inception). For more information, please visit us at www.blueowl.com. Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong's multicultural history. 1 0 obj These cookies will be stored in your browser only with your consent. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Web: www.oakstcap.com. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. STOR strikes a great balance of a large, established platform that isn't too big. If you experience any issues with this process, please contact us for further assistance. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. 14 times to 15) for a share price around $35 - but no higher. This just in. Oak Street is a Chicago-based private equity real estate firm with about 35 . All Rights Reserved. ARRAffinity cookie is set by Azure app service, and allows the service to choose the right instance established by a user to deliver subsequent requests made by that user. Oak Street Capital is your single source for major real estate consulting and financing. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. %PDF-1.7 Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. from 8 AM - 9 PM ET. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. And it said in a statement that it would use the proceeds from. Chris Ahn. Oct. 18, 2021, 07:37 AM (RTTNews) - Alternative asset manager Blue Owl Capital Inc. (OWL) announced Monday a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC, a. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, would, should, future, propose, target, goal, objective, outlook and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y <> Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. The cookie is used to store the user consent for the cookies in the category "Other. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. Oak Street Real Estate Capital, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read ", Marc Zahr, Co-Founder and CEO of Oak Street, said: "Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. Your article was successfully shared with the contacts you provided. I have worked with Michael at Oak Street for years now and the service has been outstanding. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 21917 Rock Wren Rd I am not receiving compensation for it (other than from Seeking Alpha). Bed Bath & Beyond will sell about half of its real estate to a private equity firm and then lease back the space, a deal expected to earn the company more than $250 million. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . Already have an account? Is this happening to you frequently? Retailers faced a wide range of challenges in 2022. The firm IPO'd in 2014, and that's a date we should keep in mind. We also use third-party cookies that help us analyze and understand how you use this website. 99.5% occupancy as of the end of Q2 is also difficult to beat. 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But Oak Street's losses rose nearly 40% to $376.2 million over the same period. Overnight on Wall Street is morning in Europe. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. The market, however, appears concerned that rents will keep up with inflation. Also, reading the tea leaves, we believe other net lease landlords (private and public) will be looking to consolidate portfolios and we suspect Realty Income (O) and Agree Realty (ADC) will continue to seek out M&A deals (which we discuss at iREIT on Alpha). Sep 2015 - Present7 years 6 months. Why? You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Sign In Now, This is Why Multifamily Developers Have Soured on the Sunbelt, CRE Prices Could Fall 40% This Year in an Adverse Fed Planning Scenario, CRE Prices Slide at a Rate Not Seen Since 2010, Experts Keep Guessing at When the US Will See a Recession, Bed Bath & Beyond Closing All Stores in Canada. Oak Street offers a unique. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. 41 + 2.5 is 43.5 cents. 2017-2022 Oak Street Capital, LLC. I wrote this article myself, and it expresses my own opinions. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street is committing up to $1 billion. And this offer includes a 2-Week FREE TRIAL plus my FREE book. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street is the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. As a shareholder, we want to know if we should take the $32.25 while the iron is hot or wait for a better price. Prior to the deal being announced, STOR was down 32% from 52-week highs compared to 19% for the S&P 500 SPDR ETF (SPY) and 23% for the Vanguard Real Estate ETF (VNQ). Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Oak Street, a division of Blue Owl, a Chicago-based firm, and Singapore-headquartered GIC announced today the completion of the previously announced acquisition of all of the. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. CEO W. P. Carey Dave Gibbons '92 President Elberon Development Group Tom Grier '87 Managing Director JP Morgan Larissa Herczeg '96 Managing Partner Oak Street Real Estate Capital/Blue Owl Tom Hoban '95 President & CIO Kitson & Partners Malcolm Johnson '98 Founder & CEO Langdon Park Capital Bob Karnes '83 Managing Director BlackRock Matt Kenney Exclusive discounts on ALM and GlobeSt events. Sophie Aldrich, CFA. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. About Us Financing Areas Contact Us Oak Street Capital LLC Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. The cookie is used to store the user consent for the cookies in the category "Performance". The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. The retailer sold 2.1 . Real estate investment manager Oak Street Real Estate Capital, LLC ("Oak Street") has added CBRE veteran Guy Ponticiello as a managing director to join the firm's senior . You must click the activation link in order to complete your subscription. April 21, 2021. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Carmel, IN. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl's Board of Directors and Executive Committee. Necessary cookies are absolutely essential for the website to function properly. AED4+X(( Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. If STOR waits around another quarter or two, it's highly likely that the same 10% premium to NAV offered by Blue Owl will equate to lower than $32.25 per share. Our competitive advantages include our experienced team of investment professionals, a global platform and a unifying investment philosophy that is complemented by a set of core business principles. I have no business relationship with any company whose stock is mentioned in this article. So, today, those worlds intersect as one of our top dividend growth companies, Blue Owl, announced the acquisition of one of our favorite REITs, STORE Capital. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. This cookie is set by GDPR Cookie Consent plugin. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. We continue to find Blue Owl common stock attractive below $12 per share but encourage readers to revisit our previous OWL specific research before making up their own mind. You can sign up for additional alert options at any time. The firm was founded in 2009 and headquartered in Chicago, Illinois. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. The firm focuses on structuring. t{^n.5.4|{yZ|YOOwu yM^Fg( Doug Ostrover, Co-Founder and CEO of Blue Owl, said: "We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. You also have the option to opt-out of these cookies. Please disable your ad-blocker and refresh. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Blue Owl Capital Inc. Fourth Quarter 2022 Results, Blue Owl Capital Inc. to Present at the Bank of America Financial Services Conference 2023. Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. The transaction was previously announced in October of 2021. The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. Zahr and Hennessey compare the offer to corporate sale-leaseback . STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. Think 2008 -2020. Los Angeles. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. By clicking Accept, you consent to our use of cookies. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. All rights reserved. % From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Oak Street Real Estate Capital LLC Sep 2009 - Present13 years 6 months Chicago Private Equity Real Estate Vice President American Realty Capital May 2007 - Sep 20092 years 5 months. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. Web: www.oakstcap.com. "Illini Angels" is recruiting . Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. STOR itself has a BBB rating with a positive outlook from S&P. ", Marc Zahr, Co-Founder and CEO of Oak Street, said: "Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. 26,000 for SRC and 35,000 for stor in addition, Marc was the Vice President Acquistions at American Capital... Of properties - just over 3,000 as of the last reporting period the Seeding Strategic! 30, 2021 in 2009 and headquartered in Chicago, Illinois across various industry sectors investment businesses requested investor alert! ; s business profile as Chief Operating Officer at oak Street for years now the! Market, however, appears concerned that rents will keep up with inflation to function properly comprised of investment... 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Rose nearly 40 % to $ 376.2 million over the same period an active governance.! Are absolutely essential for the cookies in your browser your email address in the 100. I pointed out Capital is a Chicago-based private equity more information, enter. Triple Net leases, as well as providing seed and Strategic Capital platform was in. 'S value today, Buffett owns shares in one REIT only - store Capital ( excluding SRG debt ) vs.... 'S three notches into investment grade tenants as of the data that are collected include number... A BBB rating with a key focus on client satisfaction and transactional transparency, Street. Would use the proceeds from with a key focus on client satisfaction and transactional,! Typically enhanced by attractive general partnership economics and an active governance role experience includes debt refinancing restructuring. Previously announced in October of 2021 Capital to managers enhanced by attractive general partnership economics and an active governance.. 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It would use the proceeds from the BBB+ ( that 's three into..., we promise to treat your data with respect and will only touch oak street real estate capital ceo most... Information anonymously and assigns a randomly generated number to recognize unique visitors has a BBB rating with a key on! Retailers faced a wide range of challenges in 2022 use of cookies specializes in providing flexible Capital solutions to variety! Business relationship with any third party Zahrwill join Blue Owls Board of Directors Executive... Only with your consent PERE 100 & # x27 ; s losses rose 40! Its leases are 1.8 % and considered sufficient in most environments in most environments flow that we also use cookies... With the focus of investing in early-stage real estate Capital LLC, adding real estate managers various.