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. 2017-2022 Oak Street Capital, LLC. Oak Street Real Estate Capital is a diversified real estate investment firm. It does not store any personal data. 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. Analytical cookies are used to understand how visitors interact with the website. We look forward to working closely together and are excited for what the future holds. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. The stock price certainly hasn't. Copyright Blue Owl Capital Inc. 2023. By clicking Accept, you consent to our use of cookies. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Oak Street Real Estate Capital, LLC * 3 Principals See who the company's key decision makers are 9 Contacts Reach the right people with access to detailed contact information. The firm was founded in 2009 and headquartered inChicago, Illinois. Blue Owl said the transaction adds a complementary real estate capability to Blue Owl's suite of financing solutions for use rs of capital and offer s institutional and retail investors additional compelling investment option s.. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $10.8 . Office 1005, We also use third-party cookies that help us analyze and understand how you use this website. Is this happening to you frequently? The market, however, appears concerned that rents will keep up with inflation. The firm was founded in 2009 and headquartered in Chicago, Illinois. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. About Us Financing Areas Contact Us Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. Oak Street is a Chicago-based private equity real estate firm with about 35 . 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. This cookie is set by GDPR Cookie Consent plugin. That ties O and beats SRC's 28%. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. 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. 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 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 . Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. 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. I have worked with Michael at Oak Street for years now and the service has been outstanding. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. 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. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). endobj To learn more about the cookies we use, please see our. Email: bh@oakstcap.com 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. Our typical financing zone ranges from from $5M to $500M. 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. 99.5% occupancy as of the end of Q2 is also difficult to beat. 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. The 51% and 93% compound annual growth rate in fee-paying AUM and fee related earnings, respectively, demonstrates the immense success they've had in that market. 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 . STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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). Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Sep 2015 - Present7 years 6 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. 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 . 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. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. Oak Street Capital is your single source for major real estate consulting and financing. Retailers faced a wide range of challenges in 2022. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. 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 Funding. The cookie is used to store the user consent for the cookies in the category "Other. Under the agreement, ARKO Corp.'s subsidiary GPM would. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. 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. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. <> 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. About Oaktree. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. This cookie is set by GDPR Cookie Consent plugin. %PDF-1.7 1 0 obj Email: bh@oakstcap.com We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. We know the company well and have written about it many times over the years. AED4+X(( Oak Street offers a unique. 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. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. 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. 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. 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). This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. For more information, please visit us atwww.blueowl.com. 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 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. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. The firm was founded in 2009 and headquartered in Chicago, Illinois. 2017-2023 Oak Street Capital, LLC. Oak Street will commit up to $1 billion to the program for one year. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). (Again, the true price is less than $32.25 adjusting for suspended dividends.). Your article was successfully shared with the contacts you provided. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak StreetsChicagooffice will become an additional office for Blue Owl. (Note: BRK-A has reduced its stake in STOR as of Q2-22.). This cookie is set by Windows Azure cloud, and is used for load balancing to make sure the visitor page requests are routed to the same server in any browsing session. 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. Vice President. To do that, we need to start with what differentiates STOR. 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. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. 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. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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 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. Nothing to lose with our FREE 2-week trial. 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. <> Why Its So Hard for China to Shake the Uninvestable Tag, Adani Told Creditors It Got $3B Loan From Sovereign Fund: Rtrs, ECB Should Reach Terminal Rate by September at Latest, Villeroy Says, Swedish Bankruptcies Rise as Lower Consumption Hits Retailers, UK House Prices Slide at Sharpest Annual Pace Since 2012, Billionaire Mittals Airtel Africa to Boost Spending 14% in 2023, Teslas Mexico Plant to Require $5 Billion Investment: Official, Twitch Streamer Kai Cenat Breaks Platforms Subscription Record, Citigroup Clients Are Shifting Supply Chains Away from China, Bain Capital Ventures Closes $1.9 Billion inTech Investment Funds, Xi Welcomes Russian Ally Lukashenko in Visit Overshadowed by War, Hancock Battling Claims Over Covid-19 Care Home Testing After Whatsapp Leak, Worlds Rich Take Advantage as $1 TrillionProperty Market Craters, Student Debt Was a Fraction of Todays for Justices Weighing Relief, Dubais Luxury Property Market Is Closing In on New York, London, A North African Company Claims the Top Shelf of the Tea World, Musk Was Right About Tesla Rivals Losing Billions, Sweden Is Ditching Cash. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. STOR strikes a great balance of a large, established platform that isn't too big. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. Los Angeles. The firm was founded in 2009 and headquartered in Chicago, Illinois. Already have an account? Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. From beginning to end, Oak Street helped me source the best Property available on the market. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. from 8 AM - 9 PM ET. 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). GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. Please disable your ad-blocker and refresh. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Monitor your investments 24 hours a day, around the clock from around the globe. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. But they eventually overcorrect. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. 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. 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). With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. All Rights Reserved. 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. T@NY{*N About Oak Street. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Oak Street is a Chicago -based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. 4 0 obj Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Blue Owl Capital Inc. Fourth Quarter 2022 Results, Blue Owl Capital Inc. to Present at the Bank of America Financial Services Conference 2023. If you have an ad-blocker enabled you may be blocked from proceeding. A. degree from University of Dayton. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The announcement Thursday that Singapore sovereign wealth fund GIC and Oak Street, a division of Blue Owl, were acquiring STORE Capital in an all-cash deal valued at $14 billion and taking it private surprised analysts and industry experts who said it could lead to more M&A and takeout deals in the net lease industry.. STOR itself has a BBB rating with a positive outlook from S&P. I have no business relationship with any company whose stock is mentioned in this article. 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. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. 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 . An old trick of buying a company with its own cash flow from operations. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Use the PitchBook Platform to explore the full profile. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Disclosure: WER is long STOR and OWL and short STOR put options. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. 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. 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 offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street client service is spectacular. 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. The transaction was previously announced in October of 2021. For more information, please visit us at www.blueowl.com. 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. 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. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. STOR's model is primarily a single-tenant triple net lease. 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. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Barsha Heights. 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. 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.. First, investors had anticipated a dividend increase for Q3. 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. This website uses cookies to improve your experience while you navigate through the website. 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 . 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. Rolodex of non-traditional, institutional equity sources, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl @ prosek.com be Replaced Dec 07 clients... 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