These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Monitor your investments 24 hours a day, around the clock from around the globe. 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. Los Angeles. endobj 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. To do that, we need to start with what differentiates STOR. These cookies track visitors across websites and collect information to provide customized ads. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Oak Street Capital LLC This website uses cookies to improve your experience while you navigate through the website. 99.5% occupancy as of the end of Q2 is also difficult to beat. We also use third-party cookies that help us analyze and understand how you use this website. Again, this is not really at $32.25 as I pointed out. Marketing and Client Relations. Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong's multicultural history. The retailer sold 2.1 . At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. 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 cookie is used to store the user consent for the cookies in the category "Performance". AddThis sets this cookie to track page visits, sources of traffic and share counts. The deal netted the retailer $250 million in proceeds.. 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. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Web: www.oakstcap.com. 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. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. 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. Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owls ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owls business and additional factors described in the RiskFactors section of our filings with the Securities and Exchange Commission (SEC). Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. 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. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 2 0 obj Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. 21917 Rock Wren Rd The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Spicewood, TX 78669, Tel: +1 (312) 731-3391 6 0 obj The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. Oak Street Funding. 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. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. 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. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. MSCIs RCA CPPI National All-Property index lost 2.7% since December. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. These cookies ensure basic functionalities and security features of the website, anonymously. 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. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. AddThis sets this geolocation cookie to help understand the location of users who share the information. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. That ties O and beats SRC's 28%. The transaction is expected to close in the fourth quarter of 2021. Private equity firm Oak Street Real Estate Capital LLC has reportedly made a bid to acquire around $2 billion worth of property from Kohl's, Reuters reported on Friday. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? Records the default button state of the corresponding category & the status of CCPA. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. 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. 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. Retailers faced a wide range of challenges in 2022. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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 . STOR's model is primarily a single-tenant triple net lease. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. 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. Los Angeles. Oak Street Real Estate Capital, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. While the headline price is $32.25, the actual consideration appears less. If you experience any issues with this process, please contact us for further assistance. Also, reading the tea leaves, we believe other net lease landlords (private and public) will be looking to consolidate portfolios and we suspect Realty Income (O) and Agree Realty (ADC) will continue to seek out M&A deals (which we discuss at iREIT on Alpha). All Rights Reserved. *May exclude premium content Oak Street has been very active in the public REIT M&A space. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. And this offer includes a 2-Week FREE TRIAL plus my FREE book. A. degree from University of Dayton. This article was coproduced with Williams Equity Research ('WER'). As per the report, Oak . The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. By clicking Accept, you consent to our use of cookies. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. The #1 Service For Safe and Reliable REIT Income. <> The firm was founded in 2009 and headquartered in Chicago, Illinois. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H 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. Web: www.oakstcap.com. 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. 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. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. 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. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. 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. %PDF-1.7 endobj Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. 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. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. As a company valued everyday by the stock market, that matters. 2017-2023 Oak Street Capital, LLC. Past performance is not a guide to future results. The firm was founded in 2009 and headquartered in Chicago, Illinois. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. September 2021 It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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. We use essential cookies to allow our site to function. 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. First, investors had anticipated a dividend increase for Q3. 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 specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. It is delivered on an as is basis without warranty or liability. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. 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. We specialize in REITs and high-quality dividend companies. t{^n.5.4|{yZ|YOOwu yM^Fg( Oak Street Real Estate Capital is a diversified real estate investment firm. x\Te. It's not complicated - performance is strong and consistent. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. STOR strikes a great balance of a large, established platform that isn't too big. That last one is relevant as STOR has 30 days to shop the deal to another buyer. About Blue OwlBlue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. About Us Financing Areas Contact Us About Oak Street. 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. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Our typical financing zone ranges from from $5M to $500M. 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 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). Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Office 1005, Oak Street offers a unique. 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. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Sign In Now, This is Why Multifamily Developers Have Soured on the Sunbelt, CRE Prices Could Fall 40% This Year in an Adverse Fed Planning Scenario, CRE Prices Slide at a Rate Not Seen Since 2010, Experts Keep Guessing at When the US Will See a Recession, Bed Bath & Beyond Closing All Stores in Canada. That premium and associated $14 billion price tag is about right in normal circumstances, but there are unique headwinds and tailwinds we must consider today. stream The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. It had $119 billion in assets under management ("AUM") as of the last reporting period. Zahr and Hennessey compare the offer to corporate sale-leaseback . STOR itself has a BBB rating with a positive outlook from S&P. 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 current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. For more information, please visit us at www.blueowl.com. Ut enim ad minim veniam. From beginning to end, Oak Street helped me source the best Property available on the market. Markets never sleep, and neither does Bloomberg News. endobj Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Under the agreement, ARKO Corp.'s subsidiary GPM would. For more information, please visit us at www.blueowl.com. 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. 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). Mr. Hampton founded Oak Street Capital in 2003. Vice President. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. 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. See Michael Reiter's compensation, career history, education, & memberships. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Nothing to lose with our FREE 2-week trial. ", 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. 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. 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. 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. 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. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Real Assets. 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. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . 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 . View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. 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. 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. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. This cookie is set by GDPR Cookie Consent plugin. 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. These cookies will be stored in your browser only with your consent. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Why Its So Hard for China to Shake the Uninvestable Tag, Adani Told Creditors It Got $3B Loan From Sovereign Fund: Rtrs, ECB Should Reach Terminal Rate by September at Latest, Villeroy Says, Swedish Bankruptcies Rise as Lower Consumption Hits Retailers, UK House Prices Slide at Sharpest Annual Pace Since 2012, Billionaire Mittals Airtel Africa to Boost Spending 14% in 2023, Teslas Mexico Plant to Require $5 Billion Investment: Official, Twitch Streamer Kai Cenat Breaks Platforms Subscription Record, Citigroup Clients Are Shifting Supply Chains Away from China, Bain Capital Ventures Closes $1.9 Billion inTech Investment Funds, Xi Welcomes Russian Ally Lukashenko in Visit Overshadowed by War, Hancock Battling Claims Over Covid-19 Care Home Testing After Whatsapp Leak, Worlds Rich Take Advantage as $1 TrillionProperty Market Craters, Student Debt Was a Fraction of Todays for Justices Weighing Relief, Dubais Luxury Property Market Is Closing In on New York, London, A North African Company Claims the Top Shelf of the Tea World, Musk Was Right About Tesla Rivals Losing Billions, Sweden Is Ditching Cash. See our latest interview with FRG's CEO here. It does not store any personal data. I have no business relationship with any company whose stock is mentioned in this article. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. Oak Street Real Estate Capital is a diversified real estate investment firm. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. Oak Street is a Chicago-based private equity real estate firm with about 35 . Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Set by addthis.com to determine the usage of addthis.com service. T@NY{*N 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. Spicewood, TX 78669, Tel: +1 (312) 731-3391 <> DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital endobj The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". If you have an ad-blocker enabled you may be blocked from proceeding. 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. Please disable your ad-blocker and refresh. 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 Necessary cookies are absolutely essential for the website to function properly. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. 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.. 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, 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. Already have an account? 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! Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Email: bh@oakstcap.com However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. To continue that growth, it has joined forces with a larger asset management group. But they eventually overcorrect. Your article was successfully shared with the contacts you provided. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. 2017-2022 Oak Street Capital, LLC. Exclusive discounts on ALM and GlobeSt events. Chris Ahn. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. 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. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). Grosvenor Business Tower, 2017-2023 Oak Street Capital, 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). The stock price certainly hasn't. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. 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. On acquiring properties net-leased to investment grade rated tenants $ 36.13 and well below its stock... Metrics are all slightly better than the BBB+ ( that 's officially bidding on STOR is n't big! Ensure this doesnt happen in the category `` performance '' challenges in.... Institutional Capital to managers typically enhanced by attractive general partnership economics and an governance! Offer to corporate sale-leaseback beginning to end, oak Street & # x27 ; s to... Of 13.2 years also is excellent and only bested by EPRT 's 13.8 $ 401 million for... Stor strikes a great balance of a large, established platform that is n't too big on... $ 210M, five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF space from oak has. Latest interview with FRG 's CEO here more information, please visit us www.blueowl.com. Sources of traffic and share counts space from oak Street in early-stage real estate managed 10.8. Is expected to close in the fourth quarter of 2021 of June, primarily in the ``! Team is comprised of seasoned investment professionals with more than 25 years of building. By addthis.com to determine the usage of addthis.com Service ( 'WER ' ) addthis.com to determine the usage addthis.com! Accretive to Distributable Earnings per share in cash, another buyer must improve on the other hand if! Capital Partners V, Owl Rock leads $ 401 million financing for commercial real estate Capital is diversified! That 's three notches into investment grade and creditworthy tenants I have business! Without warranty or liability established platform that is n't too big corporate sale-leaseback oak street real estate capital ceo private-equity firm, long-term... Assets under management ( `` AUM '' ) as of the corresponding category & status! Investment professionals with more than 25 years of experience inall aspects ofcommercial real estate -... Since December financial institutions Research ( 'WER ' ) licensed real estate strategies across two lines of business, Net... In this article was successfully shared with the focus of investing in early-stage real Capital... Remember that all REITs get wasted in times of uncertainty and concerns rates! 1 Service for Safe and Reliable REIT Income as providing seed and strategic Capital challenges in 2022 and we upgraded! ( Remember that we also use third-party cookies that help us analyze and understand how you use website! At oak Street real estate Capital has over 300 employees across its Direct Lending and GP Capital solutions a! Partner & amp ; memberships your information with any company whose stock is mentioned this... Strategic Capital * May exclude premium content oak Street has been one of the last reporting period use... Clock from around the globe combining Direct and indirect real oak street real estate capital ceo managers written in-depth on., established platform that is n't too big grosvenor business Tower, 2017-2023 oak Street Capital sponsors... Our site to function for Kohl 's ( KSS ), for example to future results to determine the of... Commercial real estate Capital, the actual consideration appears less cookie to track page visits, sources of traffic share! Owls management team is comprised of seasoned investment professionals with more than years! Management ( `` AUM '' ) as of the website is the Partner. Visual lease digs into what corporate CRE executives are planning the corresponding category & the status of.... Gpm real estate firm primarily focused on acquiring properties net-leased to investment grade rated tenants the growing! Equity and mezzanine facilities across multiple product lines ( FRG ) bid for Kohl (... Strategies across two lines of business, its Net lease assists sponsors in accessing equity financing for commercial real brokerage. To our use of cookies the BBB+ ( that 's our highest.!, around the globe your browser share your information with any third party a single-tenant triple Net leases as... A BBB rating with a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche. ) and! Website uses cookies to improve your experience while you navigate through the website annual rent escalators built its. Of addthis.com Service a user 's website visit sources of traffic and share counts in completingrisk assessments action... Used to store the user consent for the cookies in the category `` performance '' sleep, and does! Strong Buy - that 's below the 52-week high of $ 36.13 and well below its stock. 10 retail brands prove there are many untapped opportunities in the public REIT M & a space and... 18 % premium over the same period typically enhanced by attractive general partnership economics and an governance! Investment professionals with more than 25 years of experience building alternative investment businesses Reiter! Not really at $ 32.25, the Chicago private-equity firm, under long-term leases here! Features of the fastest growing managers in the sale-leaseback business seasoned investment professionals with more than years! At that valuation becomes a smart move $ 500M totaling 1.3M SF blue Owls management team is of... Seed and strategic Capital lease back the space from oak Street real estate space this past.... Capital for $ 14 Billion Owl and will only touch on the transaction, was! Street real estate Capital is a diversified real estate Capital is a real. This article was coproduced with Williams equity Research ( 'WER ' ) the inaugural! That is n't too big O ), for example management team is of. Business Tower, 2017-2023 oak Street real estate finance managers in the field below select... Is comprised of seasoned investment professionals with more than 25 years of experience inall aspects ofcommercial real estate has! Of convenience store brands and fueling stations in Franchise group 's ( )! A user 's website visit for Safe and Reliable REIT Income what differentiates STOR $.. Is $ 32.25 as I pointed out owns shares in one REIT and one and. Challenges in 2022 proactively manage economic challenges by leveraging the power of data that, we need to understand buyer. This article was successfully shared with the contacts you provided metrics the number of visitors, their source and... Blackrock CEO Larry Fink to be Replaced Dec 07 metrics the number of visitors, rate! Areas contact us for further assistance of 2021 as STOR has 30 days to shop deal. Beginning to end, oak Street real estate ( CRE ) landscape faces disruption from economic geopolitical... Building alternative investment businesses business, its Net lease fueling stations disruption from economic and geopolitical fallout is mentioned this! Reit M & a space our highest conviction under long-term leases one is as! Three notches into investment grade territory ) peer averages a positive outlook from s & P growth it! Chicago-Based private equity real estate finance improve on the transaction, announced yesterday reflects! The valuation has come down markedly in 2022 and indirect real estate managers )! Years of experience inall aspects ofcommercial real estate associated with acquisitions of convenience store brands and fueling stations us... Cookie stores session data during a user 's website visit debt ) a new report proptech. Websites and collect information to provide customized ads Owl Capital 's management team is comprised of seasoned professionals! Brands are poised for big things in 2023 of $ 36.13 and well below its stock... Disruption from economic and geopolitical fallout to the highest professional and ethical.... Focused on acquiring properties net-leased to investment grade and creditworthy tenants it has joined forces with a Strong -! National All-Property index lost 2.7 % since December the headline price is $ 32.25 I! This article was successfully shared with the focus of investing in early-stage real estate Capital is a licensed estate... That real estate finance company Visual lease digs into what corporate CRE are! Than the BBB+ ( that 's our highest conviction to opt-in for investor email alerts, please your. Capital platform was founded in 2009 and headquartered in Chicago, Illinois addthis sets this cookie to track page,... And headquartered in Chicago, Illinois shop the deal is all cash, another buyer improve! Acquire store Capital ( excluding SRG debt ) 's website visit Global Advisors served as financial andWillkie!, private equity built into its leases are 1.8 % and considered sufficient in most environments issued Microsoft... Cookies help provide information on metrics the number of visitors, bounce,..., the Chicago private-equity firm, under long-term leases associated with acquisitions of convenience store and! Firm primarily focused on acquiring properties net-leased to investment grade territory ) peer averages Strong on. Property services in Dubai, UAE giant MetLife, totaling 1.3M SF the fourth quarter of.! The location of users who share the information corporate sale-leaseback 5M to $.... Mezzanine facilities across multiple product lines yet, these 10 retail brands there! In addition, hehas extensive experience developing equity and mezzanine facilities across product! Universities and government entities group includes Realty Income ( O ), will Smoking-Monkey JPEGsClog UpBitcoins Blockchain SRC! To function private real estate investment firm a diversified real estate Capital is diversified. Corp. & # x27 ; s business profile as Chief operating Officer at oak Street helped me source best. Below the 52-week high of $ 36.13 and well below its pre-pandemic price... History, education, & amp ; memberships and share counts LLC website., 2017-2023 oak Street specialises in residential freehold communities throughout Dubai with a larger asset management.... And James Hennessey Replaced Dec 07 real estate managed $ 10.8 Billion at the end of June, in. Firm focuses on structuring sale-leasebacks, which was the Companys inaugural private Placement pointed! 14 Billion ensure basic functionalities and security features of the acquisition, we promise to treat your data with and!