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Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . t{^n.5.4|{yZ|YOOwu yM^Fg( endobj Oak Street Real Estate Capital is a diversified real estate investment firm. And it said in a statement that it would use the proceeds from. 6 0 obj The firm was founded in 2009 and headquartered in Chicago, Illinois. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. 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. 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. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. STOR's historical financials encompass a period of very low interest rates - up until now. STOR's leverage based on long-term debt as of the end of Q2 was 41%. 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 . 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! Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. What does this mean for CRE professionals? 2009 2017 2019 2020 2021 Oak Street Real Estate Capital, LLC (Oak Street) was founded PA SERS makes their first investment in Oak Street PA SERS makes their second The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. 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. As per the report, Oak . After submitting your request, you will receive an activation email to the requested email address. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. We specialize in REITs and high-quality dividend companies. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. See our latest interview with FRG's CEO here. 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. 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. Managing Director, Chief Product Officer and Global Head of Client Relations. 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). Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. The firm was founded in 2009 and headquartered in Chicago, Illinois. Records the default button state of the corresponding category & the status of CCPA. 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. 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. This cookie is set by GDPR Cookie Consent plugin. Start Your Free Trial 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. 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. About Oak Street. 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 . September 2021 Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). T@NY{*N We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. 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. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. For more information, please visit us at www.blueowl.com. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. We look forward to working closely together and are excited for what the future holds. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. 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. 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. 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. We look forward to working closely together and are excited for what the future holds. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Chris Ahn. These cookies track visitors across websites and collect information to provide customized ads. <> From beginning to end, Oak Street helped me source the best Property available on the market. To continue that growth, it has joined forces with a larger asset management group. STOR's model is primarily a single-tenant triple net lease. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. 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. 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. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. ExodusPoint Capital Management LP cut its holdings in shares of Oak Street Health, Inc. (NYSE:OSH - Get Rating) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission.The fund owned 23,944 shares of the company's stock after selling 7,820 shares during the period. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? Mr. Hampton founded Oak Street Capital in 2003. AED4+X(( O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 4 0 obj Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. Nothing to lose with our FREE 2-week trial. That ties O and beats SRC's 28%. To do that, we need to start with what differentiates STOR. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. The transaction was previously announced in October of 2021. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. I wrote this article myself, and it expresses my own opinions. Set by addthis.com to determine the usage of addthis.com service. 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 Funding. The firm was founded in 2009 and headquartered inChicago, Illinois. 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. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. The deal is expected to close in the fourth quarter, subject to customary closing conditions. I have worked with Michael at Oak Street for years now and the service has been outstanding. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. Marc received a B. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Analytical cookies are used to understand how visitors interact with the website. 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. 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. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 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. Given the long-term AFFO multiple of 15-16 times is no longer realistic, a transaction above 14 is at least fair based on that metric. Email: bh@oakstcap.com 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. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? I wrote this article myself, and it expresses my own opinions. Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. MSCIs RCA CPPI National All-Property index lost 2.7% since December. That last one is relevant as STOR has 30 days to shop the deal to another buyer. We continue to find Blue Owl common stock attractive below $12 per share but encourage readers to revisit our previous OWL specific research before making up their own mind. 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 . But the deal would be contingent on Oak Street raising rents 1.5% annually, and for its backers to realize a 7.25% initial return. Oak Street, 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. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. You also have the option to opt-out of these cookies. This cookie is set by GDPR Cookie Consent plugin. Barsha Heights. Oak Street Real Estate Capital is a diversified real estate investment firm. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. %PDF-1.7 The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. It is delivered on an as is basis without warranty or liability. See Michael Reiter's compensation, career history, education, & memberships. When typing in this field, a list of search results will appear and be automatically updated as you type. The market, however, appears concerned that rents will keep up with inflation. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H That's 50% more than SRC, nearly 10 times NTST, and double EPRT. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Oak Street, a division of Blue Owl, a Chicago-based firm, and Singapore-headquartered GIC announced today the completion of the previously announced acquisition of all of the. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital How has Blue Owl garnered so much capital? 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. This just in. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Past performance is not a guide to future results. 5 0 obj 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. 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. Sophie Aldrich, CFA. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Information on this site is proprietary and may not to be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Oak Street Capital LLC 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. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. This cookie is set by GDPR Cookie Consent plugin. (Again, the true price is less than $32.25 adjusting for suspended dividends.). All Rights Reserved. ", 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. 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. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 2017-2023 Oak Street Capital, LLC. Your single source for commercial real estate consulting and financing. This cookie is set by GDPR Cookie Consent plugin. The stock price certainly hasn't. 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. BlackRock: The ESG Issue Is . Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. That's below the 52-week high of $36.13 and well below its pre-pandemic stock price that exceeded $40 per share multiple times. About Us Financing Areas Contact Us Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. We also use third-party cookies that help us analyze and understand how you use this website. 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. 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 firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. 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. <> Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. 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.. I have no business relationship with any company whose stock is mentioned in this article. 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. Vice President. Again, this is not really at $32.25 as I pointed out. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. 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