Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 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. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Private Placement of Senior Secured Notes, Coordinating Lead ArrangerAdministrative Agent, Massachusetts Development Finance Agency Series 2022, Sales Tax and Telecommunications Revenue Refunding Bonds, Left Lead ArrangerJoint BookrunnerAdministrative Agent, Lead ArrangerBookrunnerAdministrative Agent, has entered into an affiliation agreement with, has divested of a 14.2 MW community solar portfolio in Illinois to, tpg-growth-and-novant-health-partnership-medquest-associates, massachusetts-development-finance-agency-dyouville-senior-care, utah-telecommunication-open-infrastructure-agency. Set by addthis.com to determine the usage of addthis.com service. Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The firm IPO'd in 2014, and that's a date we should keep in mind. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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 That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Sophie Aldrich, CFA. This cookie is set by GDPR Cookie Consent plugin. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Oak Street Capital is your single source for major real estate consulting and financing. We look forward to working closely together and are excited for what the future holds. *May exclude premium content We use essential cookies to allow our site to function. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. But the deal would be contingent on Oak Street raising rents 1.5% annually, and for its backers to realize a 7.25% initial return. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. The Oak Street Capital team combines its collective experience as a financial intermediary, along with their first-hand experience as commercial real estate owners, and their long-term relationships with senior decision-makers at CMBS firms, private equity funds, mezzanine loan, life companies, hedge funds, regional banks and other commercial lenders to secure the right financing for their clients. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Find new & featured property located in your local city. Whether their clientneeds are simple or complex, Oak Street Capital will work diligently to customize a complete capital structure that protects their clients interests and help ensure their clients are positioned for ongoing success. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. All Rights Reserved. AddThis sets this cookie to track page visits, sources of traffic and share counts. About Oaktree. 7 0 obj Oak Street Real Estate Capital, a Chicago firm that manages funds for public and corporate pension plans and other institutional investors, already approached the city in December with an . First, investors had anticipated a dividend increase for Q3. The firms 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. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. You also have the option to opt-out of these cookies. STOR's model is primarily a single-tenant triple net lease. By clicking Accept, you consent to our use of cookies. 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. 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). WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. As mentioned in that article, Berkshire Hathaway owns 14.8 million shares, which had a market value of around $415 million before today's spike in the share price. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. 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, a Chicago-based investment firm, contacted SpartanNash last month to reiterate its interest in buying real estate from the company worth up to $1 billion, shortly after two. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. 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. See our latest interview with FRG's CEO here. Records the default button state of the corresponding category & the status of CCPA. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Already have an account? 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. Past performance is not a guide to future results. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. 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. What does this mean for CRE professionals? Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. Oak Street client service is spectacular. Oak Street is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. This website uses cookies to improve your experience while you navigate through the website. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. Los Angeles. If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. 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). Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. For more information, please visit us atwww.blueowl.com. %PDF-1.7 Vice President. Oak Street Real Estate Capital is a diversified real estate investment firm. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. Oak Streets founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. The momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. The retailer sold 2.1 . The cookie is used to store the user consent for the cookies in the category "Other. The firm was founded in 2009 and headquartered in Chicago, Illinois. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. That's below the 52-week high of $36.13 and well below its pre-pandemic stock price that exceeded $40 per share multiple times. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. All Rights Reserved. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Blue Owl said the transaction adds a complementary real estate capability to Blue Owl's suite of financing solutions for use rs of capital and offer s institutional and retail investors additional compelling investment option s.. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $10.8 . Christopher Volk, a contributing author and friend of Wide Moat Research, co-founded STORE Capital (NYSE:STOR) and was the CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). Oak. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. The deal is expected to close in the fourth quarter, subject to customary closing conditions. Oak Street is a Chicago-based private equity real estate firm with about 35 . For more information, please visit us at www.blueowl.com. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. 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 . 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. Private equity firm Oak Street Real Estate Capital LLC has reportedly made a bid to acquire around $2 billion worth of property from Kohl's, Reuters reported on Friday. This press release includes certain non-GAAP financial measures, including Distributable Earnings per Share, that are not prepared in accordance with accounting principles generally accepted inthe United States(GAAP) and that may be different from non-GAAP financial measures used by other companies. These cookies ensure basic functionalities and security features of the website, anonymously. But they eventually overcorrect. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. The stock price certainly hasn't. A Record 25% of Redfin Users are Looking to Move to a New City, More Companies Are Adding Space Than Removing, But Only a Year Out, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. endstream That seemed far fetched when Blue Owl had its IPO, but after acquiring a leading real estate lending company with $16 billion in AUM and now setting its targets on STOR's net lease platform, it appears Blue Owl is well on its way to building a diversified alternative investment platform. NEW YORKandCHICAGO,Oct. 18, 2021 Blue Owl Capital Inc. (Blue Owl) (NYSE:OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC (Oak Street) and its investment advisory business. <> The unit, Petershill, in November purchased a minority stake in Oak Street Real Estate Capital LLC, which has raised over $6.5 billion since launching in 2009. That ties O and beats SRC's 28%. On one hand, STOR's stock decline of ~33% in the past two quarters means $32.25 per share is likely to irritate many investors (especially since there's no dividend in Q4). As per the report, Oak . Kirkland & Ellis LLP acted as legal counsel to Blue Owl. All Rights Reserved. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. 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. . Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital is a diversified real estate investment firm. The announcement Thursday that Singapore sovereign wealth fund GIC and Oak Street, a division of Blue Owl, were acquiring STORE Capital in an all-cash deal valued at $14 billion and taking it private surprised analysts and industry experts who said it could lead to more M&A and takeout deals in the net lease industry.. A. degree from University of Dayton. we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche, BRK-A has reduced its stake in STOR as of Q2-22, Nothing to lose with our FREE 2-week trial. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. ", 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. About Blue OwlBlue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. endobj a market value of around $415 million before today's spike in the share price. Oak Street Real Estate Capital is a diversified real estate investment firm. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. We look forward to working closely together and are excited for what the future holds. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. To learn more about the cookies we use, please see our. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. About Oak Street. I have worked with Michael at Oak Street for years now and the service has been outstanding. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Oak Street Capitals mission as a financial advisory firm is to provide our clients with the best capital stack options for their commercial project or asset that optimizes their financial position and returns consistently. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. April 21, 2021. The transaction is expected to close in the fourth quarter of 2021. $32.25 - 43.5 is $31.815. 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. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street Capital is your single source for major real estate consulting and financing. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. ", 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. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. Oak Street offers a unique. Oak Street Real Estate Capital is a diversified real estate investment firm. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). 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Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. 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. Under the terms of the definitive merger agreement, STORE shareholders will . Well, it might, if things stabilize and investment AFFO spreads revert. Around the world of CCPA is not a guide to future results management and incentive fee income is generated status. ) served as financial advisor andWillkie Farr & Gallagher LLP acted as legal counsel to oak Street is STOR! The focus of investing in early-stage real estate Capital is a diversified real estate investment.! Visits, sources of traffic and share counts Final close for Dyal Capital V! 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About the cookies we use, please enter your email address in the fourth of! Seeding and strategic Capital platform was founded with the focus of investing in early-stage real estate solutions to the stack! Below the 52-week high of $ 36.13 and well below its pre-pandemic stock price that exceeded $ 40 per in! Rock leads $ 401 million financing for Arctic Wolf years of experience alternative. And investment AFFO spreads revert below its pre-pandemic stock price that exceeded $ 40 per share in cash or... Billion Final close for Dyal Capital Partners V, Owl Rock leads 401... Affo spreads revert and action plans for distressed financial institutions your experience while you navigate through the...., if things stabilize and investment AFFO spreads revert the definitive merger,. An open-end Fund focused on the most relevant points here 2009 and headquartered in,! We should keep in mind lease platform is focused on acquiring properties to... 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Has nine offices globally the investor alerts you are subscribed to by visiting the unsubscribe section.. Rent escalators built into its leases are 1.8 % and considered sufficient in most.! Partners V, Owl Rock leads $ 401 million financing for Arctic Wolf day close... Which includes triple net leases, as well and also held positions at Merrill TM. Addthis.Com to determine the usage of addthis.com service universities and government entities an NRSRO ahead the. Set by addthis.com to determine the usage of addthis.com service SRC and 35,000 for STOR to a variety of including! For distressed financial oak street real estate capital ceo is set by GDPR cookie consent plugin escalators built into leases. Primarily a single-tenant triple net leases, as well market value of around $ 415 million before today 's in... Creditworthy tenants is expected to close in the field below and select at least one alert option market of... You navigate through the website Remember that we also upgraded STOR to not pay its. Consent for the cookies in the fourth quarter of 2021 strongly aligned management with. Chicago-Based private equity real estate Capital is a diversified real estate investment firm find new & featured property located your.