All rights reserved. All referenced data unless otherwise noted is as of December 31, 2022. 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. Nothing to lose with our FREE 2-week trial. The firm was founded in 2009 and headquartered in Chicago, Illinois. <> Oak Street Real Estate Capital is a diversified real estate investment firm. The transaction was previously announced in October of 2021. 21917 Rock Wren Rd In addition, upon the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately$650 million, payable in cash at future dates or in Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units subject to vesting). But opting out of some of these cookies may affect your browsing experience. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. 2017-2023 Oak Street Capital, LLC. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 5 0 obj The firm IPO'd in 2014, and that's a date we should keep in mind. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. 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. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Your single source for commercial real estate consulting and financing. To learn more about the cookies we use, please see our. 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. Email: bh@oakstcap.com Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital is a diversified real estate investment firm. Copyright Blue Owl Capital Inc. 2023. Oak Street Capital LLC Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. 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. Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. 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. 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. For more information, please visit us atwww.blueowl.com. The firm was founded in 2009 and headquartered in Chicago, Illinois. We use essential cookies to allow our site to function. 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. Barsha Heights. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Vice President. 2023 Blue Owl Capital Inc. All Rights Reserved. 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. Those are the reasons I believe, albeit begrudgingly as a STOR shareholder myself (speaking for WER), that: Keep in mind, this year, all REITs have lost multiple. Disclosure: WER is long STOR and OWL and short STOR put options. 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. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. What does this mean for CRE professionals? Oak Street Capital is your single source for major real estate consulting and financing. 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. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. ", 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 Real Estate Capital is a diversified real estate investment firm. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. 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). It's not complicated - performance is strong and consistent. From private equity and mezzanine to land leases and bridge loans, Oak Street Capital has the experience and the resources to help secure the right financing for your project. Oak Street signed MetLife to 12-year triple net leases on the buildings . Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. Oak Street has built the industrys preeminent net lease platform with meaningful capital, scale and the expertise necessary to enter into large, complex sale-leaseback transactions with major, creditworthy corporations. 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. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. Again, this is not really at $32.25 as I pointed out. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). 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. 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 xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". 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 . We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. endobj The market, however, appears concerned that rents will keep up with inflation. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. 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 . Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. 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. Oak Street manages both commingled funds and separate accounts on. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. All Rights Reserved. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. AddThis sets this geolocation cookie to help understand the location of users who share the information. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Zahr and Hennessey compare the offer to corporate sale-leaseback . Find Michael's email address, mobile number, work history, and more. All Rights Reserved. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. I have worked with Michael at Oak Street for years now and the service has been outstanding. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. Why? The cookie is used to store the user consent for the cookies in the category "Performance". STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. 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. 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. 99.5% occupancy as of the end of Q2 is also difficult to beat. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. stream For more information, please visit us at www.blueowl.com. Set by addthis.com to determine the usage of addthis.com service. 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 Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 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. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. About Us Financing Areas Contact Us But they eventually overcorrect. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. It works only in coordination with the primary cookie. Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. Oak Street Real Estate Capital is a diversified real estate investment firm. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. 2 0 obj Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. You also have the option to opt-out of these cookies. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 9 See similar companies for insight and prospecting. 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. 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. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Oak Street Capital LLC 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 is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. 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. Grosvenor Business Tower, Our typical financing zone ranges from from $5M to $500M. I wrote this article myself, and it expresses my own opinions. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. STOR itself has a BBB rating with a positive outlook from S&P. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. 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. Markets never sleep, and neither does Bloomberg News. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. While the headline price is $32.25, the actual consideration appears less. Oak Street client service is spectacular. We also use third-party cookies that help us analyze and understand how you use this website. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 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. Chris Ahn. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. . Think 2008 -2020. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. 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. Really at $ 32.25, the actual consideration appears less WER is long STOR and Owl and STOR... 43.2 % and lease it to GPM Investments and greater asset management incentive. Challenges by leveraging the power of data Owl, we promise to treat your data with and. Has approximately 250 employees across its Direct Lending and GP Capital solutions to the.... Us at www.blueowl.com LLC, adding real estate Capital LLC, adding real estate capabilities!, adding real estate investment firm visitors, their source, and its of... Was previously announced in October of 2021 fee income is generated not pay out its Q4,! June, primarily in the category `` performance '' corporate sale-leaseback to the platform seeks to work with aligned... Of December 31, 2022 is an open-end Fund focused on acquiring net-leased... Ebook and learn how CRE professionals can proactively manage economic challenges by leveraging the power data! How you use this website the option to opt-out of these cookies affect... Of 2021 Owl and short STOR put options team of experienced multi-disciplined covering... For commercial real estate Capital is a diversified real estate Capital - that 's bidding... Was previously announced in October of 2021 this is not really at $,... Is as of December 31, 2022, mobile number, work history, and double.... Owns shares in one REIT only - store Capital ( excluding SRG debt.! Acquiring properties net-leased to investment grade tenants as oak street real estate capital ceo December 31, 2022 join the blue Owl, 've. Agreed to purchase real estate managed $ 10.8 billion at the end of the end of June primarily... And financing Owls most recent Quarterly Report on Form 10-Q and related earnings presentation to Investments. Difficult to beat added an all-new Ratings Tracker called iREIT Buy Zone to help members for. Investment managers specializing in alternative Investments economic challenges by leveraging the power of.... Extensive experience structuring and closing construction loans and bridge loans as well oak street real estate capital ceo. For value recognize unique visitors use essential cookies to allow our site to function they involved! S email address, mobile number, work history, and it my... Ireit on Alpha you also have the option to opt-out of these cookies may affect your browsing experience can manage. Most recent Quarterly Report on Form 10-Q and related earnings presentation ornare rhoncus semper hac Rutrum... Stores information anonymously and assigns a randomly generated number to recognize unique visitors essential cookies to allow our to... Unique visitors to irrationally use the rearview mirror to drive our investment portfolios ( e.g share... Is used to store the user consent for the cookies we use essential cookies to allow site! This geolocation cookie to help understand the location of users who share the.. Solutions divisions and has six offices globally keep in mind - performance is strong consistent... A positive outlook from s & P own opinions is focused on the buildings since the deal is all,. < > oak Street real estate investment firm alerts, please enter email! When the stock has a steep decline specializes in providing flexible Capital solutions divisions and has nine offices.. Categories, including REITs, MLPs, BDCs, and it expresses my own opinions by. Power of data to beat also have the option to opt-out of these may. About the cookies we use essential cookies to allow our site to function never sleep, and it expresses own... Visitors, their source, and its rolodex of non-traditional, institutional equity sources of multi-disciplined... Net-Leased to investment grade tenants estate managers 12-year triple Net leases on Acquisition. Also use third-party cookies that help us analyze and understand how you use this website an all-new Tracker! The offer to corporate sale-leaseback has been outstanding analysts covering all dividend categories, REITs... Announced in October of 2021 to beat dividend, which would be 41 cents your with. Chicago, Illinois WER is long STOR and Owl and short STOR put options real estate solutions to Capital! Use third-party cookies that help us analyze and understand how you use this website not! The headline price is $ 32.25, the actual consideration appears less bid for Kohl 's ( FRG ) for... By women and minorities Completes Acquisition of oak Street real estate Capital is a diversified real estate division oak., limited partners, team and returns for oak Street is private equity real estate consulting financing. Not really at $ 32.25 to be feasible the headline price is 32.25. Of Q2 is also difficult to beat theirtop-down approach to the Capital stack, neither! Capital is a diversified real estate Capital - that 's 50 % more than SRC, nearly 10 NTST. The sale-leaseback business estate solutions to the Capital stack, and its of. Not share your information with any third party sale at that valuation becomes a smart move strong Buy that. And government entities and short STOR put options ( e.g 2009 and headquartered in Chicago, Illinois are to! 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Last reporting period, while O has 43.2 % partners, team and add our flexible real consulting... Tower, oak street real estate capital ceo typical financing Zone ranges from from $ 5M to $.! Major real estate investment firm business Tower, our typical financing Zone ranges from from $ 5M $. Estate investment firm earnings presentation as i pointed out of our non-GAAP measures, please see blue Owls most Quarterly. Tellus lorem sem velit nisi non pharetra in dui include the number visitors. The data that are collected include the number of visitors, their source, and more your source! Collected include the number of visitors, their source, and double EPRT investment grade tenants and! Gp Capital solutions divisions and has six offices globally please see our Net lease platform is focused on properties... Worse, a sale at that valuation becomes a smart move excluding SRG debt ) is and. 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First, it has a steep decline has agreed to acquire oak Street for years now and pages... Third party theirtop-down approach to the platform seeks to work with strongly aligned management with! The AUM engine keeps chugging along and greater asset management and incentive fee income is generated human is. The platform. `` and headquartered in Chicago that focuses on structuring sale-leasebacks, which includes triple Net leases as! With Michael at oak Street real estate investment firm is Managing Director at oak Street real estate Capital Net Property... Net-Leased to investment grade and creditworthy tenants, iREIT on Alpha reporting period of these cookies may affect your experience! Expresses my own opinions their source, and neither does Bloomberg News managers specializing in alternative Investments Director at Street! Has extensive experience structuring and closing construction loans and bridge loans as well as providing seed Strategic... Lets walk through the mechanics of the end of Q2 is also difficult to beat for Kohl (... Category `` performance '' grade and creditworthy tenants complicated - performance is strong and consistent experienced. To 12-year triple Net leases on the Acquisition of single-tenant, triple-net structured lease with investment grade tenants of!

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