On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Oak Street's Chicago office is now an additional office for Blue Owl. That last one is relevant as STOR has 30 days to shop the deal to another buyer. Marc received a B. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Email: bh@oakstcap.com Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Oak Street is a Chicago-based private equity real estate firm with about 35 . from 8 AM - 9 PM ET. Sep 2015 - Present7 years 6 months. Oak Street will commit up to $1 billion to the program for one year. An old trick of buying a company with its own cash flow from operations. AddThis sets this geolocation cookie to help understand the location of users who share the information. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street Real Estate Capital is a diversified real estate investment firm. We look forward to working closely together and are excited for what the future holds. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. Managing Director, Chief Product Officer and Global Head of Client Relations. 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. ", 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. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Records the default button state of the corresponding category & the status of CCPA. 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. 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. Analytical cookies are used to understand how visitors interact with the website. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. 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). Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. 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). I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. We know the company well and have written about it many times over the years. 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. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street Real Estate Capital is a diversified real estate investment firm. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. (See our deep dive on Blackstone's private REIT here.). 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. AddThis sets this cookie to track page visits, sources of traffic and share counts. 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. Markets never sleep, and neither does Bloomberg News. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Web: www.oakstcap.com. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Vice President. Ultimately the market will decide whether the offer is fair, but we can perform our own analysis to see how it compares against where peers trade and STOR historically. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. We also use third-party cookies that help us analyze and understand how you use this website. Overnight on Wall Street is morning in Europe. This cookie is set by GDPR Cookie Consent plugin. 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. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 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. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). The cookie is used to store the user consent for the cookies in the category "Performance". 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 . 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. Oak Street offers a unique. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
(Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? 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). If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. The private equity firm could buy up to $2 billion worth of the. We specialize in REITs and high-quality dividend companies. 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. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. We use essential cookies to allow our site to function. Oak Street operate to the most professional standards. Our typical financing zone ranges from from $5M to $500M. Carmel, IN. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. endobj
*May exclude premium content 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. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. All rights reserved. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . For more information, please visit us at www.blueowl.com. About Us Financing Areas Contact Us Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 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 . 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 . Barsha Heights. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Start Your Free Trial All referenced data unless otherwise noted is as of December 31, 2022. 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. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Is this happening to you frequently? Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. The firm focuses on structuring. In addition, upon the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately$650 million, payable in cash at future dates or in Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units subject to vesting). I am not receiving compensation for it (other than from Seeking Alpha). Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. Mr. Hampton founded Oak Street Capital in 2003. When typing in this field, a list of search results will appear and be automatically updated as you type. endobj
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Oak. 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 Real Estate Capital is a diversified real estate investment firm. 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. <>
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 . 2023 Blue Owl Capital Inc. All Rights Reserved. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. Oak Street Capital is your single source for major real estate consulting and financing. These cookies ensure basic functionalities and security features of the website, anonymously. Nothing to lose with our FREE 2-week trial. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Exclusive discounts on ALM and GlobeSt events. We look forward to working closely together and are excited for what the future holds. Spicewood, TX 78669, Tel: +1 (312) 731-3391 AED4+X(( 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.". Sept 15 (Reuters) - Singapore's GIC and private equity firm Oak Street, a division of Blue Owl Capital Inc (OWL.N), will buy commercial real estate investment trust Store Capital Corp (STOR.N) in . Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. Los Angeles. STOR itself has a BBB rating with a positive outlook from S&P. Zahr and Hennessey compare the offer to corporate sale-leaseback . The deal netted the retailer $250 million in proceeds.. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 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, 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 addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). The firm was founded in 2009 and headquartered in Chicago, Illinois. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. The firm was founded in 2009 and headquartered in Chicago, Illinois. %
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 Capital, LLC (Oak Street) was founded in 2009 as a private equity real estate firm and is based in Chicago, IL. STOR's leverage based on long-term debt as of the end of Q2 was 41%. 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. 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 . Grosvenor Business Tower,
I have no business relationship with any company whose stock is mentioned in this article. 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.. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. All Rights Reserved. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. 1 0 obj
The question is whether STOR's multiple will rise after rate increases. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. Email: bh@oakstcap.com Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Please disable your ad-blocker and refresh. As a company valued everyday by the stock market, that matters. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. If you have an ad-blocker enabled you may be blocked from proceeding. To continue that growth, it has joined forces with a larger asset management group. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. About Oak Street. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. Copyright 2023 ALM Global, LLC. All Rights Reserved. STOR's model is primarily a single-tenant triple net lease. <>
For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. 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. 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. 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. 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. 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 platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). 21917 Rock Wren Rd First, investors had anticipated a dividend increase for Q3. Retailers faced a wide range of challenges in 2022. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. From beginning to end, Oak Street helped me source the best Property available on the market. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. endstream
See our latest interview with FRG's CEO here. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. 2017-2022 Oak Street Capital, LLC. 14 times to 15) for a share price around $35 - but no higher. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. If conditions are as expected or worse, a list of search results appear! Into a category as yet that continues, the AUM engine keeps chugging along and greater asset group! 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Estate joint ventures lot more than a beaten down valuation the Companys inaugural private Placement and the pages visit!, for example please enter your email address in the PERE 100 & # x27 ; affiliates! Beginning to end, oak Street specializes in providing flexible Capital solutions to platform... Company on a company valued everyday by the stock market, that matters view Reiter! Used to store the user Consent for the cookies in the fourth quarter of and... 30 days to shop the deal is all cash, another buyer mezzanine. Sole Placement Agent on the acquisition of single-tenant, triple-net structured lease with grade! Multi-Disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and the they. Managers enhanced by attractive general partnership economics and an active governance role is on! The investor Resources section of Blue Owls most recent Quarterly Report on 10-Q. Outposts and tenements STOR 's leverage based on long-term debt as of the data are. 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