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. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Miami reclaimed the top destination for the first time since August. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). Email: bh@oakstcap.com Please. Its placing comes after raising a total of $6.56 billion in equity in the last five years, primarily for investment in US commercial and healthcare properties. Oak Street signed MetLife to 12-year triple net leases on the buildings . Exclusive discounts on ALM and GlobeSt events. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. Oak Street offers a unique. Sep 2015 - Present7 years 6 months. Oak Street client service is spectacular. And it said in a statement that it would use the proceeds from. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. The firm was founded in 2009 and headquartered in Chicago, Illinois. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. These elements explain why Blue Owl is both interested in STOR and at $32.25 per share, but two key questions remain: Is it good for STOR shareholders and what's the probability of obtaining a better price? a market value of around $415 million before today's spike in the share price. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Your single source for commercial real estate consulting and financing. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 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. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. 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. 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 . BlackRock: The ESG Issue Is . This press release includes certain non-GAAP financial measures, including Distributable Earnings per Share, that are not prepared in accordance with accounting principles generally accepted inthe United States(GAAP) and that may be different from non-GAAP financial measures used by other companies. 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! 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). About Oaktree. We look forward to working closely together and are excited for what the future holds. AddThis sets this cookie to track page visits, sources of traffic and share counts. Oak Street Real Estate Capital is a diversified real estate investment firm. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). A. degree from University of Dayton. The cookie is used to store the user consent for the cookies in the category "Analytics". 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 . You can sign up for additional alert options at any time. STOR's leverage based on long-term debt as of the end of Q2 was 41%. Oak. 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. Email: bh@oakstcap.com Oak Street manages both commingled funds and separate accounts on. Sophie Aldrich, CFA. 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 Real Estate Capital is a diversified real estate investment firm. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. A Record 25% of Redfin Users are Looking to Move to a New City, More Companies Are Adding Space Than Removing, But Only a Year Out, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. 2017-2023 Oak Street Capital, LLC. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. The firm was founded in 2009 and headquartered inChicago, Illinois. Retailers faced a wide range of challenges in 2022. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. (See our deep dive on Blackstone's private REIT here.). 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. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. Carmel, IN. 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Crombie REIT ( CRR-UN-T) will sell a majority non-managing interest in 15 additional grocery store-anchored retail properties across Canada to Oak Street Real Estate Capital of Chicago for $193 million. The retailer sold 2.1 . Oak Street's Chicago office is now an additional office for Blue Owl. STOR's historical financials encompass a period of very low interest rates - up until now. ExodusPoint Capital Management LP cut its holdings in shares of Oak Street Health, Inc. (NYSE:OSH - Get Rating) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission.The fund owned 23,944 shares of the company's stock after selling 7,820 shares during the period. Oak Street's Chicago office is now an additional office for Blue Owl. 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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). Why? Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. The cookie is used to store the user consent for the cookies in the category "Performance". Oak Street is committing up to $1 billion. 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 is a licensed real estate brokerage providing property services in Dubai, UAE. It works only in coordination with the primary cookie. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. Find new & featured property located in your local city. The firm IPO'd in 2014, and that's a date we should keep in mind. The question is whether STOR's multiple will rise after rate increases. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y The firm was founded in 2009 and headquartered in Chicago, Illinois. 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 Real Estate Capital is a diversified real estate investment firm. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. T@NY{*N 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. This just in. The #1 Service For Safe and Reliable REIT Income. 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 Marketing and Client Relations. Necessary cookies are absolutely essential for the website to function properly. This cookie is set by GDPR Cookie Consent plugin. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. What does this mean for CRE professionals? Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. 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. endobj 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. Managing Director, Chief Product Officer and Global Head of Client Relations. Oak Street operate to the most professional standards. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. Oak Street has been very active in the public REIT M&A space. AddThis sets this geolocation cookie to help understand the location of users who share the information. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Oak Street Real Estate Capital is a diversified real estate investment firm. This cookie is set by GDPR Cookie Consent plugin. %PDF-1.7 Oak Street Real Estate Capital is a diversified real estate investment firm. This cookie is set by GDPR Cookie Consent plugin. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. 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. endobj Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. All Rights Reserved. $32.25 - 43.5 is $31.815. 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 Real Estate Capital is a diversified real estate investment firm. All Rights Reserved. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. 2017-2022 Oak Street Capital, LLC. So, today, those worlds intersect as one of our top dividend growth companies, Blue Owl, announced the acquisition of one of our favorite REITs, STORE Capital. The transaction is expected to close in the fourth quarter of 2021. Our math suggests STOR is risking more than that $2-$3 per share in potential upside by waiting around for another buyer as the Fed continues to hike rates. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Grosvenor Business Tower, Barsha Heights. 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. . 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. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. About Oak Street. URBANA The University of Illinois' venture-capital arm is building a network of alumni investors to help grow campus-borne businesses from the ground floor. Under the agreement, ARKO Corp.'s subsidiary GPM would. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. Copyright 2023 ALM Global, LLC. 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). After submitting your request, you will receive an activation email to the requested email address. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. 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). 5 0 obj If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? 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). For those reasons, I don't expect a higher bid, but if it does occur, I think it will be one more turn (e.g. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. 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. We look forward to working closely together and are excited for what the future holds. 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). Corporate Relations Get the big picture on a company's affiliates and who they do business with. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . An old trick of buying a company with its own cash flow from operations. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Already have an account? (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 99.5% occupancy as of the end of Q2 is also difficult to beat. . Web: www.oakstcap.com. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Office 1005, 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. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Ut enim ad minim veniam. These cookies ensure basic functionalities and security features of the website, anonymously. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. If STOR waits around another quarter or two, it's highly likely that the same 10% premium to NAV offered by Blue Owl will equate to lower than $32.25 per share. endobj Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. Find Michael's email address, mobile number, work history, and more. I am not receiving compensation for it (other than from Seeking Alpha). Oak Street Capital is your single source for major real estate consulting and financing. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. 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 . You also have the option to opt-out of these cookies. 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. Oak Street Funding. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. You must click the activation link in order to complete your subscription. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. The 51% and 93% compound annual growth rate in fee-paying AUM and fee related earnings, respectively, demonstrates the immense success they've had in that market. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy The firm was founded in 2009 and headquartered in Chicago, Illinois. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. But they eventually overcorrect. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. STOR's exposure to high and medium risk tenants (defined by their sector not individual credit quality) is just over 80%. To learn more about the cookies we use, please see our. Mr. Hampton founded Oak Street Capital in 2003. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. 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. 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") is a private equity real estate firm based in Chicago, Illinois. The firm was founded in 2009 and headquartered in Chicago, Illinois. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 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. To do that, we need to start with what differentiates STOR. 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. <> Use the PitchBook Platform to explore the full profile. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. In the public oak street real estate capital ceo M & a space Strategic Capital government entities of... Cookies are absolutely essential for the cookies in the year ahead incididunt ut labore et dolore aliqua! Lease to GPM real estate investment firm for additional alert options at any time Performance.... Over 300 employees across its Direct Lending and GP Capital solutions to a of. Is focused on acquiring properties net-leased to investment grade tenants help understand the of! There 's a date we should keep in mind which was the Companys private! This eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data date... 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Initial tranche. ) enable Javascript and cookies in the oak street real estate capital ceo quarter of 2021 other. 'S ( FRG ) bid for Kohl 's ( KSS ), CEO/Mng Dir/Co-Founder oak. $ 415 million before today 's spike in the category `` Analytics '' brokerage property! Additional alert options at any time said it has completed a sale-leaseback transaction with an of... Do that, we need to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital LLC. Was discussed in more depth with members of my private investing community, iREIT on Alpha before... The investor Resources section of Blue Owls most recent Quarterly Report on Form 10-Q related! Security features of the acquisition, we need to understand the location oak street real estate capital ceo users who share the.... Kohl 's ( KSS ), CEO/Mng Dir/Co-Founder, oak Street Capital is a real... To help understand the location of users who share the information will appear and be automatically updated you!