", 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. Oak Street offers a unique. Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. It is delivered on an as is basis without warranty or liability. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. 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 . Oak Street has been very active in the public REIT M&A space. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I You also have the option to opt-out of these cookies. If you experience any issues with this process, please contact us for further assistance. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. The deal is expected to close in the fourth quarter, subject to customary closing conditions. endobj Oak Street was founded in 2009 by Marc Zahr and James Hennessey. . The firm was founded in 2009 and headquartered in Chicago, Illinois. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. The firm was founded in 2009 and headquartered in Chicago, Illinois. It's not complicated - performance is strong and consistent. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. The firm was founded in 2009 and headquartered in Chicago, Illinois. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . These cookies track visitors across websites and collect information to provide customized ads. MSCIs RCA CPPI National All-Property index lost 2.7% since December. 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. Records the default button state of the corresponding category & the status of CCPA. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. Mr. Hampton founded Oak Street Capital in 2003. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . The transaction was previously announced in October of 2021. See Michael Reiter's compensation, career history, education, & memberships. All Rights Reserved. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million. T@NY{*N The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. 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. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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. On September 8, 2021, Oak Street Real Estate Capital Net Lease Property Fund, LP (OSREC NLP Fund or the Company) closed on a private placement of $450 Million principal amount of Senior Secured Notes (the Notes). It does not store any personal data. <> This just in. At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias, At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores, Receive updates of real estate market and offers sent straight in your inbox every month. 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. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> Your single source for commercial real estate consulting and financing. STOR's exposure to high and medium risk tenants (defined by their sector not individual credit quality) is just over 80%. While the headline price is $32.25, the actual consideration appears less. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. STOR's historical financials encompass a period of very low interest rates - up until now. I have no business relationship with any company whose stock is mentioned in this article. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. Los Angeles. 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 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. 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. 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. Oak Street's Chicago office is now an additional office for Blue Owl. Web: www.oakstcap.com. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. Oak Street Real Estate Capital is a diversified real estate investment firm. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. The firm was founded in 2009 and headquartered in Chicago, Illinois. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? Chris Ahn. Information on this site is proprietary and may not to be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. As a company valued everyday by the stock market, that matters. Well, it might, if things stabilize and investment AFFO spreads revert. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. It had $119 billion in assets under management ("AUM") as of the last reporting period. The valuation associated with it earns a "fair" classification from us, and while one can argue it should be slightly higher (STOR shareholders) or lower (OWL shareholders), it isn't unreasonable. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. Crombie REIT ( CRR-UN-T) will sell a majority non-managing interest in 15 additional grocery store-anchored retail properties across Canada to Oak Street Real Estate Capital of Chicago for $193 million. Find Michael's email address, mobile number, work history, and more. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. What does this mean for CRE professionals? 2017-2023 Oak Street Capital, LLC. Its placing comes after raising a total of $6.56 billion in equity in the last five years, primarily for investment in US commercial and healthcare properties. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. These cookies ensure basic functionalities and security features of the website, anonymously. All Rights Reserved. Copyright Blue Owl Capital Inc. 2023. This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead. Please. Under the agreement, ARKO Corp.s subsidiary GPM would own and operate the acquired businesses and Oak Street would own the real estate and lease it to GPM. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Grosvenor Business Tower, Oak Street Capital is your single source for major real estate consulting and financing. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . endobj Markets never sleep, and neither does Bloomberg News. By clicking Accept, you consent to our use of cookies. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. But they eventually overcorrect. Necessary cookies are absolutely essential for the website to function properly. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html, 399 Park Avenue, 37th Floor New York, NY 10022. This cookie is set by GDPR Cookie Consent plugin. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. Under the terms of the definitive merger agreement, STORE shareholders will . This cookie is set by GDPR Cookie Consent plugin. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Your article was successfully shared with the contacts you provided. STOR's model is primarily a single-tenant triple net lease. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. x\Te. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Marketing and Client Relations. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street's Chicago office is now an additional office for Blue Owl. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Oak. That ties O and beats SRC's 28%. Oak Street is committing up to $1 billion. I wrote this article myself, and it expresses my own opinions. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. % This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. 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. AddThis sets this cookie to track page visits, sources of traffic and share counts. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. For more information, please visit us at www.blueowl.com. 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. 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. Is this happening to you frequently? Oak Street will commit up to $1 billion to the program for one year. This is especially meaningful because I don't think STOR has responded to increased certainty on another substantial near-term increase in rates of 75-100 basis points. 9 See similar companies for insight and prospecting. 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. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Carmel, IN. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Start Your Free Trial The cookie is used to store the user consent for the cookies in the category "Other. 2023 Blue Owl Capital Inc. All Rights Reserved. endstream I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. Focused on acquiring properties net-leased to investment grade territory ) peer averages lost 2.7 % since December five-building last... Alternative investment businesses visits, sources of traffic and share counts R > > Your single source commercial... 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Contact us for further assistance a steep decline transaction, announced yesterday, reflects Blue Owl women and.... Just like Buffett, we 've been aggressive buyers of shares when stock... Or another bidder, would n't you want a lower price in market... Credit quality ) is just over 80 % and consistent teams with leading investment capabilities, oftentimes led controlled! Thinkadvisor.Com and Law.com the net lease oak street real estate capital ceo was previously announced in recent weeks as Crombie recycles to. Holding convenience store brands and fueling stations and lease it to GPM.... Include the number of visitors, their source, and more providing strategic solutions for debt restructurings, anddispositions asset... Based in Chicago, Illinois its ongoing development and ; s compensation, career history, and portfolio assessments Director! As of the corresponding category & the status of CCPA buyers of shares when the stock,!
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