Zahr and Hennessey compare the offer to corporate sale-leaseback . 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It is delivered on an as is basis without warranty or liability. About Oaktree. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Records the default button state of the corresponding category & the status of CCPA. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. ", 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 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 WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Again, this is not really at $32.25 as I pointed out. The cookie is used to store the user consent for the cookies in the category "Performance". 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). Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. See our latest interview with FRG's CEO here. The firm was founded in 2009 and headquartered in Chicago, Illinois. All Rights Reserved. Sophie Aldrich, CFA. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. What does this mean for CRE professionals? Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Sep 2015 - Present7 years 6 months. The firm IPO'd in 2014, and that's a date we should keep in mind. I am not receiving compensation for it (other than from Seeking Alpha). But they eventually overcorrect. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). 14 times to 15) for a share price around $35 - but no higher. Carmel, IN. You also have the option to opt-out of these cookies. The firm was founded in 2009 and headquartered inChicago, Illinois. 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 cookie is set by GDPR Cookie Consent plugin. Congratulations to Store Capital, GIC, and Oak Street on the completion of one of the largest M&A transactions in the US real estate market! Miami reclaimed the top destination for the first time since August. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. 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. Analytical cookies are used to understand how visitors interact with the website. This website uses cookies to improve your experience while you navigate through the website. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Oak Street specializes in providing flexible capital 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 From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. 1 0 obj It does not store any personal data. <> Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Oak Street manages both commingled funds and separate accounts on. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Find new & featured property located in your local city. 7 0 obj The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Oak Street Real Estate Capital is a diversified real estate investment firm. The #1 Service For Safe and Reliable REIT Income. *May exclude premium content The cookie is used to store the user consent for the cookies in the category "Analytics". Corporate Relations Get the big picture on a company's affiliates and who they do business with. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. While the headline price is $32.25, the actual consideration appears less. That seemed far fetched when Blue Owl had its IPO, but after acquiring a leading real estate lending company with $16 billion in AUM and now setting its targets on STOR's net lease platform, it appears Blue Owl is well on its way to building a diversified alternative investment platform. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. 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. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. See Michael Reiter's compensation, career history, education, & memberships. 2 0 obj The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. 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. 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. Owl Rock has been on aggressive path of mergers and acquisitions to build out an ecosystem to rival the likes of Blackstone (BX), Apollo (APO), and KKR & Co (KKR). About Us Financing Areas Contact Us Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Mr. Hampton founded Oak Street Capital in 2003. 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 specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. About Oak Street. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . MSCIs RCA CPPI National All-Property index lost 2.7% since December. CEO W. P. Carey Dave Gibbons '92 President Elberon Development Group Tom Grier '87 Managing Director JP Morgan Larissa Herczeg '96 Managing Partner Oak Street Real Estate Capital/Blue Owl Tom Hoban '95 President & CIO Kitson & Partners Malcolm Johnson '98 Founder & CEO Langdon Park Capital Bob Karnes '83 Managing Director BlackRock Matt Kenney Web: www.oakstcap.com. Oak Street client service is spectacular. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Real Assets. The cookies is used to store the user consent for the cookies in the category "Necessary". endobj 6 0 obj 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. 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.. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. The firm was founded in 2009 and headquartered in Chicago, Illinois. As mentioned in that article, Berkshire Hathaway owns 14.8 million shares, which had a market value of around $415 million before today's spike in the share price. 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 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. T@NY{*N 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. 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. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com. Why? Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Start Your Free Trial Kirkland & Ellis LLP acted as legal counsel to Blue Owl. STOR's historical financials encompass a period of very low interest rates - up until now. 2017-2023 Oak Street Capital, LLC. 21917 Rock Wren Rd Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Our typical financing zone ranges from from $5M to $500M. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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. STOR strikes a great balance of a large, established platform that isn't too big. This cookie is set by GDPR Cookie Consent plugin. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. 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. STOR's model is primarily a single-tenant triple net lease. All referenced data unless otherwise noted is as of December 31, 2022. This article was coproduced with Williams Equity Research ('WER'). If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. stream I wrote this article myself, and it expresses my own opinions. We look forward to working closely together and are excited for what the future holds. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. I have no business relationship with any company whose stock is mentioned in this article. For more information, please visit us atwww.blueowl.com. 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. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). 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 firm was founded in 2009 and headquartered in Chicago, Illinois. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 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. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. 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 leverage based on long-term debt as of the end of Q2 was 41%. 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. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Find Michael's email address, mobile number, work history, and more. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. We look forward to working closely together and are excited for what the future holds. Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong's multicultural history. 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. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. 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. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. 3 0 obj Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. From beginning to end, Oak Street helped me source the best Property available on the market. Necessary cookies are absolutely essential for the website to function properly. 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. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The firm focuses on structuring. Oak Street signed MetLife to 12-year triple net leases on the buildings . Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street Capital is your single source for major real estate consulting and financing. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Use the PitchBook Platform to explore the full profile. The firm was founded in 2009 and headquartered in Chicago, Illinois. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. 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 . The deal is expected to close in the fourth quarter, subject to customary closing conditions. Exclusive discounts on ALM and GlobeSt events. An old trick of buying a company with its own cash flow from operations. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? 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. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. <> 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 . Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. 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. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. 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. September 2021 The firm was founded in 2009 and headquartered in Chicago, Illinois. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 4 0 obj Already have an account? 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