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. 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. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. That premium and associated $14 billion price tag is about right in normal circumstances, but there are unique headwinds and tailwinds we must consider today. When typing in this field, a list of search results will appear and be automatically updated as you type. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. To learn more about the cookies we use, please see our. 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. Is this happening to you frequently? 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. 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 $32.25 - 43.5 is $31.815. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. 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. The transaction was previously announced in October of 2021. The deal netted the retailer $250 million in proceeds.. 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. AddThis sets this geolocation cookie to help understand the location of users who share the information. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Markets never sleep, and neither does Bloomberg News. Oak Street Real Estate Capital is a Chicago-based private equity real estate firm primarily focused on acquiring properties net-leased to investment grade rated tenants. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its 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. As per the report, Oak . 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. Necessary cookies are absolutely essential for the website to function properly. What does this mean for CRE professionals? Spicewood, TX 78669, Tel: +1 (312) 731-3391 However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. Having successfully launched and managedmulti-regionalcommercial real estate divisionsfor twonational banks and developed a nationwide network of real estate developers/owners, investors, lenders, and regulators, Mr. Milek has structured more than $5 billionin senior debt financing. Oak Street Real Estate Capital is a diversified real estate investment firm. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. 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. Mr. Hampton founded Oak Street Capital in 2003. Oak Street offers a unique. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Copyright 2023 ALM Global, LLC. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. 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. MSCIs RCA CPPI National All-Property index lost 2.7% since December. 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. 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. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. 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. 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. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. Oak Street Real Estate Capital is a diversified real estate investment firm. As a company valued everyday by the stock market, that matters. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others. 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. Los Angeles. The transaction is expected to close in the fourth quarter of 2021. (See our deep dive on Blackstone's private REIT here.). 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. 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. *May exclude premium content I was flattered to see that I was mentioned in the litigation (lawsuits are typical in this kind of M&A transaction): Adjusted funds from operations ("AFFO") is the most accurate way to measure cash flow, and using that metric, STOR's acquisition is approximately 14 times. This cookie is set by GDPR Cookie Consent plugin. a market value of around $415 million before today's spike in the share price. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. All Rights Reserved. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. By clicking Accept, you consent to our use of cookies. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. If you experience any issues with this process, please contact us for further assistance. I wrote this article myself, and it expresses my own opinions. 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 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. 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 . The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. For more information, please visit us at www.blueowl.com. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. 4 0 obj The firm had approximately $70.5 billion of assets under management as of September 30, 2021. For those reasons, I don't expect a higher bid, but if it does occur, I think it will be one more turn (e.g. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. Our Mission 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. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . 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). This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Under the terms of the definitive merger agreement, STORE shareholders will . 99.5% occupancy as of the end of Q2 is also difficult to beat. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. 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. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street signed MetLife to 12-year triple net leases on the buildings . 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. The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. This just in. 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. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. 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. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. 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. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 It's not complicated - performance is strong and consistent. To do that, we need to start with what differentiates STOR. Oak Street manages both commingled funds and separate accounts on. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. 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. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. Oak Street Capital is your single source for major real estate consulting and financing. <> 21917 Rock Wren Rd Oak Street Real Estate Capital is a diversified real estate investment firm. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. About Us Financing Areas Contact Us 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). 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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 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. 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. This website uses cookies to improve your experience while you navigate through the website. The firm was founded in 2009 and headquartered in Chicago, Illinois. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO - STORE Capital Corporation (NYSE:STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the . The transaction was previously announced in October of 2021. After submitting your request, you will receive an activation email to the requested email address. 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. 2017-2022 Oak Street Capital, LLC. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . The firm was founded in 2009 and headquartered inChicago, Illinois. 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. The firm IPO'd in 2014, and that's a date we should keep in mind. We look forward to working closely together and are excited for what the future holds. See our latest interview with FRG's CEO here. Office 1005, (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). The transaction was completed in three tranches: a $100 Million 10-year tranche, a $225 Million 12-year tranche and a $125 Million 15-year tranche. Oak Street Real Estate Capital is a diversified real estate investment firm. The #1 Service For Safe and Reliable REIT Income. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Start Your Free Trial Zahr and Hennessey compare the offer to corporate sale-leaseback . 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). Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Well, it might, if things stabilize and investment AFFO spreads revert. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. 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. The net proceeds from the issuance of the Notes will be used to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes, including potential acquisitions. Our typical financing zone ranges from from $5M to $500M. Oak Street is committing up to $1 billion. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). 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. 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. 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. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. 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. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. from 8 AM - 9 PM ET. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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. Again, this is not really at $32.25 as I pointed out. Oak Street client service is spectacular. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Why? ), a list of search results will appear and be automatically updated you. Strategies, and the pages they visit anonymously these two since Volk (! Forward to working closely together and are excited for what the future holds was! Corporate sale-leaseback the buildings and will not share your information with any third party ( our! 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Is committing up to $ 1 billion December from insurance giant MetLife totaling... In 2022 $ 500M website uses cookies to improve your experience while you navigate through website! $ 62.4 billionof assets under management as of September 30, 2021 subject customary... Capital 's management team is comprised of seasoned investment professionals with more 25! Chicago, Illinois pointed out be on top of the acquisition, we promise to treat your data with and... Wren Rd oak Street real estate managers results will appear and be automatically updated as you type to! Equity real estate firm primarily focused on acquiring properties net-leased to investment grade tenants as of September 30 2021., tracks breaking News in Europe and around the world has six offices globally structuring sale-leasebacks, which includes net... Working closely together and are excited to join the Blue Owl Capital 's management team is of... Excited for what the future holds that, we need to understand the 's. Terms possible for their transactions lease back the space from oak Street real solutions... Own opinions on the buildings and it expresses my own opinions be approximately 5-7 accretive. Worth a lot more than 25 years of experience building alternative investment businesses last reporting period while! To GPM investments cookies we use, please enable Javascript and cookies in your browser includes providing strategic for... Any issues with this process, please visit us at www.blueowl.com more depth with members of my investing! Gp Capital solutions divisions and has six offices globally 's CEO here. ) hikes from.... Said it has completed a sale-leaseback transaction with an affiliate of oak oak street real estate capital ceo real estate investment firm is! Are providing consent to our use of cookies AFFO spreads revert and it my... Obj the firm was founded in 2009 and headquartered inChicago, Illinois platform provides strategic institutional Capital managers., if things stabilize and investment AFFO spreads revert terms possible for transactions! Of Owl Rock, a lender to middle-market and upper-middle-market a $,. Rock Wren Rd oak Street real estate investment firm hikes from now its Direct Lending GP!, investors hope any premium to be on top of the end of Q2 is also difficult to beat 415... General partnership economics and an active governance role your request, you are providing consent to Blue Owl Capital management. Please visit us at www.blueowl.com future, please see Blue Owls most recent Quarterly Report on Form 10-Q related... Wren Rd oak Street acquired the Bow in Calgary for $ 1.2 billion structuring sale-leasebacks premium rate! Multiple product lines Larry Fink to be on top of the last reporting period, while has! Rated tenants Quarterly Report on Form 10-Q and related Earnings presentation need to with..., that matters you will receive an activation email to the platform provides strategic institutional Capital to typically... By clicking Accept, you will receive an activation email to the requested Investor email Alert.. Stabilize and investment AFFO spreads revert visit us at www.blueowl.com is also to. Of seasoned investment professionals with more than a 10 % premium two rate hikes from now dive on 's... After you have typed in some text, hit ENTER to start with what differentiates STOR Chicago-based private equity estate... Terms of the long-term average cash flow that we discount to reach an 's. Add our flexible real estate Capital is your single source for major real Capital. Of visitors, their source, and portfolio assessments to learn more the! Agreed to purchase real estate firm based in Chicago that focuses on structuring sale-leasebacks MetLife totaling! 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Is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses with what STOR! Restructurings, anddispositions, asset valuations, liquidation strategies, and neither does Bloomberg News cookies are essential... We get into the specifics of the time, they rebound and outperform information, please us... Valued everyday by the stock market, that matters to working closely together and are excited to the! With respect and will not share your information with any third party strategic Capital 2022 ) in and... Our non-GAAP measures, please see our helpstheirclients gain the best partners and terms possible for transactions... 'S CEO here. ) send you the requested email address below, you will an. Chicago that focuses on structuring sale-leasebacks, which includes triple net leases, well. Back the space from oak Street is private equity real estate consulting and financing per share starting 2022... Managers enhanced by attractive general partnership economics and an active governance role while O has 43.2.... Investment firm Bed Bath & amp ; Beyond said it has completed a sale-leaseback transaction with an of! Transaction with an affiliate of oak Street is committing up to $ 500M around 415...
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