Oak Street's Chicago office is now an additional office for Blue Owl. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Despite the impressive property count, STOR's average property size is larger. The firm was founded in 2009 and headquartered inChicago, Illinois. 9 See similar companies for insight and prospecting. 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. 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. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. 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. 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. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . The firm was founded in 2009 and headquartered in Chicago, Illinois. Necessary cookies are absolutely essential for the website to function properly. 3 0 obj Oak Street Real Estate Capital is a diversified real estate investment firm. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Carmel, IN. AED4+X(( 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. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. t{^n.5.4|{yZ|YOOwu yM^Fg( Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Vice President. Sep 2015 - Present7 years 6 months. 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The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Retailers faced a wide range of challenges in 2022. 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. We also use third-party cookies that help us analyze and understand how you use this website. 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. endobj 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). endobj However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. 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 specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. See Michael Reiter's compensation, career history, education, & memberships. 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 Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Oak Street Real Estate Capital is a diversified real estate investment firm. As per the report, Oak . The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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Oak Street was founded in 2009 by Marc Zahr and James Hennessey. AddThis sets this cookie to track page visits, sources of traffic and share counts. <> Corporate Relations Get the big picture on a company's affiliates and who they do business with. 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. 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. 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. Marketing and Client Relations. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. For more information, please visit us at www.blueowl.com. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. % 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. Oak Street Capital is your single source for major real estate consulting and financing. 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. By clicking Accept, you consent to our use of cookies. Think 2008 -2020. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Use the PitchBook Platform to explore the full profile. <> Oak Street's Chicago office is now an additional office for Blue Owl. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. All Rights Reserved. A. degree from University of Dayton. 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. See our latest interview with FRG's CEO here. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. We look forward to working closely together and are excited for what the future holds. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. Whether their clientneeds are simple or complex, Oak Street Capital will work diligently to customize a complete capital structure that protects their clients interests and help ensure their clients are positioned for ongoing success. (Note: BRK-A has reduced its stake in STOR as of Q2-22.). WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 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. Office 1005, Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. endobj Copyright 2023 ALM Global, LLC. 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). To continue that growth, it has joined forces with a larger asset management group. 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 Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. STOR strikes a great balance of a large, established platform that isn't too big. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. The transaction was previously announced in October of 2021. All Rights Reserved. To do that, we need to start with what differentiates STOR. 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. About Oak Street. 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. 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. 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. 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. 99.5% occupancy as of the end of Q2 is also difficult to beat. 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. 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. Email: bh@oakstcap.com You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Oak Street Real Estate Capital is a diversified real estate investment firm. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. For more information, please visit us atwww.blueowl.com. 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 is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 14 times to 15) for a share price around $35 - but no higher. I have worked with Michael at Oak Street for years now and the service has been outstanding. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . And it said in a statement that it would use the proceeds from. endobj 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 *May exclude premium content The closing purchase price of$950 millionwill be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). 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. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . If you experience any issues with this process, please contact us for further assistance. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. 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. Los Angeles. 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. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 21917 Rock Wren Rd STOR's leverage based on long-term debt as of the end of Q2 was 41%. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. This cookie is set by GDPR Cookie Consent plugin. September 2021 And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). 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. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. Marc received a B. When typing in this field, a list of search results will appear and be automatically updated as you type. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. 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