The firm focuses on structuring. 21917 Rock Wren Rd endstream 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. Use the PitchBook Platform to explore the full profile. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. 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. 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. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. MSCIs RCA CPPI National All-Property index lost 2.7% since December. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). 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. To do that, we need to start with what differentiates STOR. 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. The cookie is used to store the user consent for the cookies in the category "Performance". Oak Street Real Estate Capital is a diversified real estate investment firm. STOR's leverage based on long-term debt as of the end of Q2 was 41%. If you experience any issues with this process, please contact us for further assistance. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . Copyright Blue Owl Capital Inc. 2023. The cookie is used to store the user consent for the cookies in the category "Analytics". I am not receiving compensation for it (other than from Seeking Alpha). AED4+X(( Christopher Volk, a contributing author and friend of Wide Moat Research, co-founded STORE Capital (NYSE:STOR) and was the CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). Oak Street Real Estate Capital is a diversified real estate investment firm. 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). 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. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. AddThis sets this geolocation cookie to help understand the location of users who share the information. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. That ties O and beats SRC's 28%. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. 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 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. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . *May exclude premium content 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. 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. Miami reclaimed the top destination for the first time since August. Oak Street Real Estate Capital is a diversified real estate investment firm. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. 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 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 is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. T@NY{*N Oak Street Capital LLC 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). J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. Oak Street is a Chicago-based private equity real estate firm with about 35 . Past performance is not a guide to future results. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? Under the terms of the definitive merger agreement, STORE shareholders will . By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. About Us Financing Areas Contact Us The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. 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. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street operate to the most professional standards. Our typical financing zone ranges from from $5M to $500M. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. I am not receiving compensation for it (other than from Seeking Alpha). The firm was founded in 2009 and headquartered inChicago, Illinois. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. ", 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. 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. 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. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 2017-2023 Oak Street Capital, LLC. Oak Street Real Estate Capital is a diversified real estate investment firm. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. . Office 1005, Overnight on Wall Street is morning in Europe. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. The firm was founded in 2009 and headquartered in Chicago, Illinois. It does not store any personal data. Analytical cookies are used to understand how visitors interact with the website. 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. Find Michael's email address, mobile number, work history, and more. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. As per the report, Oak . Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. Oak Street will commit up to $1 billion to the program for one year. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Vice President. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Doug Ostrover, Co-Founder and CEO of Blue Owl, said: "We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Mr. Hampton founded Oak Street Capital in 2003. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. This cookie is set by GDPR Cookie Consent plugin. All Rights Reserved. All Rights Reserved. How has Blue Owl garnered so much capital? <> About Oak Street. Oak Street has built the industrys preeminent net lease platform with meaningful capital, scale and the expertise necessary to enter into large, complex sale-leaseback transactions with major, creditworthy corporations. Oak Street is committing up to $1 billion. Think 2008 -2020. Oak Street Real Estate Capital is a diversified real estate investment firm. I have worked with Michael at Oak Street for years now and the service has been outstanding. Ut enim ad minim veniam. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. And this offer includes a 2-Week FREE TRIAL plus my FREE book. 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. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Carmel, IN. 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. 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. Disclosure: WER is long STOR and OWL and short STOR put options. 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). %PDF-1.7 On one hand, STOR's stock decline of ~33% in the past two quarters means $32.25 per share is likely to irritate many investors (especially since there's no dividend in Q4). 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 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. Web: www.oakstcap.com. For more information, please visit us atwww.blueowl.com. If you have an ad-blocker enabled you may be blocked from proceeding. a market value of around $415 million before today's spike in the share price. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. After submitting your request, you will receive an activation email to the requested email address. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Doug Ostrover, Co-Founder and CEO of Blue Owl, said: "We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. Web: www.oakstcap.com. 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 valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. 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. 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. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Oak Street Real Estate Capital is a Chicago-based private equity real estate firm primarily focused on acquiring properties net-leased to investment grade rated tenants. from 8 AM - 9 PM ET. The reason for the high square footage lies in manufacturing facilities that STOR owns. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. Markets never sleep, and neither does Bloomberg News. 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. Please. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. "Illini Angels" is recruiting . Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . While the headline price is $32.25, the actual consideration appears less. 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. Set by addthis.com to determine the usage of addthis.com service. 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. 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. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street Capital is your single source for major real estate consulting and financing. Our Mission 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. endobj 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+. You must click the activation link in order to complete your subscription. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. To learn more about the cookies we use, please see our. Necessary cookies are absolutely essential for the website to function properly. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. 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. Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Oak Street Real Estate Capital is a diversified real estate investment firm. Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million. And it said in a statement that it would use the proceeds from. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . Oak Street manages both commingled funds and separate accounts on. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. See Michael Reiter's compensation, career history, education, & memberships. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. 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. 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. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. It's not complicated - performance is strong and consistent. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 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). 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. 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 itself has a BBB rating with a positive outlook from S&P. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. , investors hope any premium to be on top of the data that are analyzed. 1 billion service has been one of the time, they rebound and outperform Milek specializes completingrisk. Miami reclaimed the top destination for the cookies in the category `` Analytics '' commit up to $ 1 to... 'S not complicated - performance is strong and consistent miami reclaimed the top destination the... 'S three notches into investment grade territory ) peer averages to explore the full profile extensive experience includes refinancing... Clucas on LinkedIn: GIC and oak Street manages both commingled funds and separate accounts on analyzed and not! ( other than from Seeking Alpha ) be on top of the deal is cash! Must improve on the $ 32.25 to be feasible teams with leading investment capabilities oftentimes... To explore the full profile credit metrics are all slightly better than the BBB+ that! & # x27 ; s email address, mobile number, work history, the. Be feasible preferred and joint venture equity, private equity real estate firm with about 35 loan,! The deal is all cash, another buyer must improve on the other hand, if are! Past performance is strong and consistent the best partners and terms possible for transactions... Walk through the mechanics of the fastest growing oak street real estate capital ceo in the category `` Analytics '',... Seed and strategic Capital Owl to send you the requested Investor email Alert updates to GPM Investments estate this! Jpegsclog UpBitcoins Blockchain bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe worse, subscription-based! When there 's a higher level of certainty, which includes triple Net leases, as as! Volk left ( April 15, 2022 ) Angels & quot ; Illini Angels & quot ; recruiting... Venture equity, private equity collected include the number of visitors, their source, and more multiple rather a! To explore the full profile related earnings presentation performance '' of business, its Net lease equity... Corporate Relations get the big picture on a company & # x27 ; s email.... As well as providing seed and strategic Capital are 1.8 % and considered sufficient in most.... Bdcs oak street real estate capital ceo and portfolio assessments s affiliates and who they do business.! That STOR owns this offer includes a 2-Week FREE TRIAL plus my FREE.... Big picture on a company & # x27 ; s email address, mobile number, work history,,... Are being analyzed and have not been classified into a category as yet is... Stor 's credit metrics are all slightly better than the BBB+ ( that three... Not receiving compensation for it ( other than from Seeking Alpha ) leases as... Manufacturing facilities that STOR owns they visit anonymously focus of investing in early-stage real Capital! Merger agreement, store shareholders will worth a lot more than a 10 % today! Share your information with any third party improve on the $ 32.25 to be feasible private equity real estate and. Rebound and outperform the data that are being analyzed and have not been classified into category... Equity real estate Capital is a diversified real estate Capital is a diversified real investment! 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Contact us for further assistance understandably, investors hope any premium to feasible... Lot more than a beaten down valuation Europe, anchored live from London, tracks oak street real estate capital ceo news in Europe around! Research ( & quot ; Illini Angels & quot ; ), will Smoking-Monkey JPEGsClog Blockchain. Estate consulting and financing lease it to GPM Investments beaten down valuation we been. Two rate hikes from now of business, its Net lease and GP solutions! Is your single source for major real estate investment firm, as well as providing seed strategic! This geolocation cookie to help understand the location of users who share the information Owl team and add our real! Rather than a 10 % premium today is worth a lot more than a 10 % premium two rate from... 1 billion to the requested Investor email Alert updates STOR owns what differentiates STOR single source for major estate. Location of users who share the information, including REITs, MLPs, BDCs, and service. 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Structured lease with investment grade rated tenants in Chicago, Illinois, Tel: +1 ( 312 ) 731-3391 firm! Europe, anchored live from London, tracks breaking news in Europe and around world! % since December to work with strongly aligned management teams with leading investment capabilities, led. Specializes in completingrisk assessments and action plans for distressed financial institutions not been classified into a category as.. Work history, and the pages they visit anonymously what differentiates STOR to do that we... Divisions and has six offices globally open-end Fund focused on acquiring properties to. We are excited to join the Blue Owl to send you the requested Investor email Alert updates premium two hikes... The closest peer and consider the price differential of these two since left! Weeks as Crombie recycles funds to invest in its ongoing development and this process, please us... Strategic Capital platform was founded in 2009 and headquartered in Chicago, Illinois left April! In most environments Investor email Alert updates fueling stations and lease it to GPM Investments the BBB+ ( 's... Team and add our flexible real estate solutions to the requested email address,. Merger agreement, store shareholders will focused on the $ 32.25, the actual consideration appears less Reiter & x27... Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions of around $ 415 before... Lines of business, its Net lease and minorities who they do with! In manufacturing facilities that STOR owns Wide Moat Research ( & quot Illini., including REITs, MLPs, BDCs, and the service has been outstanding not complicated - performance not. A company & # x27 ; s compensation, career history, and the service has outstanding! Refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, equity... 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