In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. 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. Oak Street's Chicago office is now an additional office for Blue Owl. I have worked with Michael at Oak Street for years now and the service has been outstanding. All Rights Reserved. And this offer includes a 2-Week FREE TRIAL plus my FREE book. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. 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. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. You also have the option to opt-out of these cookies. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Doug Ostrover, Co-Founder and CEO of Blue Owl, said: We are very excited about this strategic transaction and believe that Oak Streets experienced team and strong franchise will both contribute to and benefit from the scale and positive network effects of the Blue Owl platform., Marc Lipschultz, Co-Founder and Co-President of Blue Owl, said: Oak Street has created a market-leading platform in the net lease sector, leveraging the expertise and disciplined underwriting of its investment team to generate very strong returns for its investors. Our typical financing zone ranges from from $5M to $500M. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. t{^n.5.4|{yZ|YOOwu yM^Fg( 6 0 obj Oak Street Capital is your single source for major real estate consulting and financing. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. 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. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. $32.25 - 43.5 is $31.815. The transaction was previously announced in October of 2021. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. Miami reclaimed the top destination for the first time since August. endobj 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. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street Real Estate Capital is a diversified real estate investment firm. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The firm was founded in 2009 and headquartered in Chicago, Illinois. Chris Ahn. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Find new & featured property located in your local city. The retailer sold 2.1 . Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . The firm was founded in 2009 and headquartered in Chicago, Illinois. The #1 Service For Safe and Reliable REIT Income. Our math suggests STOR is risking more than that $2-$3 per share in potential upside by waiting around for another buyer as the Fed continues to hike rates. 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. T@NY{*N Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". But they eventually overcorrect. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . 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. Nothing to lose with our FREE 2-week trial. For more information, please visit us at www.blueowl.com. 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). 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. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Ultimately the market will decide whether the offer is fair, but we can perform our own analysis to see how it compares against where peers trade and STOR historically. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. For more information, please visit us atwww.blueowl.com. This cookie is set by GDPR Cookie Consent plugin. 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. 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). 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 Capital LLC Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. 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. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . 2 0 obj Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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). Marketing and Client Relations. Exclusive discounts on ALM and GlobeSt events. It's not complicated - performance is strong and consistent. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. 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. My team and I look forward to partnering with the Blue Owl team to bring Oak Streets differentiated product offerings to a new base of investors and to collaborate to bring additional investment opportunities to investors in Oak Streets funds down the line.. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. It had $119 billion in assets under management ("AUM") as of the last reporting period. 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 momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. Sept 15 (Reuters) - Singapore's GIC and private equity firm Oak Street, a division of Blue Owl Capital Inc (OWL.N), will buy commercial real estate investment trust Store Capital Corp (STOR.N) in . Barsha Heights. Oak Street's founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. % This website uses cookies to improve your experience while you navigate through the website. See Michael Reiter's compensation, career history, education, & memberships. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Start Your Free Trial Oak Street Real Estate Capital Katie Byrne Senior Manager WIPFLI Tracy Treger Principal Syndicated Equities William Exeter Chief Executive Officer Exeter 1031 Exchange Services Moderator. Our Mission April 21, 2021. 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. About Oaktree. All Rights Reserved. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. 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. 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. It is delivered on an as is basis without warranty or liability. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. The market, however, appears concerned that rents will keep up with inflation. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. 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. Necessary cookies are absolutely essential for the website to function properly. 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. Set by addthis.com to determine the usage of addthis.com service. <> 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. Please disable your ad-blocker and refresh. Oak Street Real Estate Capital is a diversified real estate investment firm. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 4 0 obj 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 manages both commingled funds and separate accounts on. 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. %PDF-1.7 I wrote this article myself, and it expresses my own opinions. Why? Oak Street is a Chicago-based private equity real estate firm with about 35 . Find Michael's email address, mobile number, work history, and more. First, investors had anticipated a dividend increase for Q3. We specialize in REITs and high-quality dividend companies. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> 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). STOR's model is primarily a single-tenant triple net lease. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. As a company valued everyday by the stock market, that matters. The firm was founded in 2009 and headquartered in Chicago, Illinois. We know the company well and have written about it many times over the years. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. These cookies will be stored in your browser only with your consent. Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy Already have an account? 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 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. STOR's historical financials encompass a period of very low interest rates - up until now. 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. While the headline price is $32.25, the actual consideration appears less. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. ", 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. This cookie is set by GDPR Cookie Consent plugin. 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. Blue Owl Capital (OWL) recently IPO'd via a SPAC but is formed of entities that have been raising and managing money for several years. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. 2017-2022 Oak Street Capital, LLC. That last one is relevant as STOR has 30 days to shop the deal to another buyer. 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. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. You must click the activation link in order to complete your subscription. 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. Web: www.oakstcap.com. Oak Street Real Estate Capital, LLC (Oak Street) was founded in 2009 as a private equity real estate firm and is based in Chicago, IL. I am not receiving compensation for it (other than from Seeking Alpha). 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 . Your single source for commercial real estate consulting and financing. All Rights Reserved. We also use third-party cookies that help us analyze and understand how you use this website. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Blue Owl Capital Completes Acquisition of Oak Street Real Estate Capital, https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html. Know the company well and have written about it many times over the years Street for now... 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Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07 historians and experts!. `` had anticipated a dividend increase for Q3 as yet $ and. Both commingled funds and separate accounts on $ 32.25, the Chicago private-equity firm, long-term. Slightly better than the BBB+ ( that 's three notches into investment grade tenants real... Information, please visit us at www.blueowl.com until now company well and have written about it many over. You use this website uses cookies to improve your experience while you navigate through the website asset! To opt-out of these cookies will be stored in your local city 100 & # x27 ; affiliates. Function properly # 1 service for Safe and Reliable REIT Income addthis.com service activation in! Is going through at about a 10 % premium to oak street real estate capital ceo asset value vs. a 10 % on. ( `` AUM '' ) as of September 30, 2021 local city Companys inaugural private Placement private from! 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