We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Exclusive discounts on ALM and GlobeSt events. First, investors had anticipated a dividend increase for Q3. But opting out of some of these cookies may affect your browsing experience. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. 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. 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. 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. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. (Again, the true price is less than $32.25 adjusting for suspended dividends.). STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. Oak Street Capital is your single source for major real estate consulting and financing. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). 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. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Oak Street's Chicago office is now an additional office for Blue Owl. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. 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 . I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. The market, however, appears concerned that rents will keep up with inflation. The firm was founded in 2009 and headquartered in Chicago, Illinois. April 21, 2021. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. All Rights Reserved. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. The deal is expected to close in the fourth quarter, subject to customary closing conditions. It is delivered on an as is basis without warranty or liability. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. The retailer sold 2.1 . The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Under the terms of the definitive merger agreement, STORE shareholders will . 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. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. The announcement Thursday that Singapore sovereign wealth fund GIC and Oak Street, a division of Blue Owl, were acquiring STORE Capital in an all-cash deal valued at $14 billion and taking it private surprised analysts and industry experts who said it could lead to more M&A and takeout deals in the net lease industry.. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Managing Director, Chief Product Officer and Global Head of Client Relations. Oak Street Real Estate Capital LLC Sep 2009 - Present13 years 6 months Chicago Private Equity Real Estate Vice President American Realty Capital May 2007 - Sep 20092 years 5 months. A. degree from University of Dayton. endobj Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. t{^n.5.4|{yZ|YOOwu yM^Fg( Why? 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. 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.. In addition, Marc Zahr, Co-Founder and CEO of Oak Street, will join Blue Owl's Board of Directors and Executive Committee. 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). Please. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. That ties O and beats SRC's 28%. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. 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. 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 ", 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. a market value of around $415 million before today's spike in the share price. The deal netted the retailer $250 million in proceeds.. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. 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. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. Your article was successfully shared with the contacts you provided. 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. For more information, please visit us atwww.blueowl.com. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. 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. 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. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. 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). 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. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. 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. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 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). Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. 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. Our typical financing zone ranges from from $5M to $500M. 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. 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. Los Angeles. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Los Angeles. 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. <> You must click the activation link in order to complete your subscription. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Oak Street Capitals mission as a financial advisory firm is to provide our clients with the best capital stack options for their commercial project or asset that optimizes their financial position and returns consistently. This article was coproduced with Williams Equity Research ('WER'). From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Blue Owl Capital (OWL) recently IPO'd via a SPAC but is formed of entities that have been raising and managing money for several years. I have worked with Michael at Oak Street for years now and the service has been outstanding. 21917 Rock Wren Rd Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. All Rights Reserved. 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 Oak Street Capital team combines its collective experience as a financial intermediary, along with their first-hand experience as commercial real estate owners, and their long-term relationships with senior decision-makers at CMBS firms, private equity funds, mezzanine loan, life companies, hedge funds, regional banks and other commercial lenders to secure the right financing for their clients. ", 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. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Oak. 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. I have no business relationship with any company whose stock is mentioned in this article. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. That last one is relevant as STOR has 30 days to shop the deal to another buyer. 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. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. To continue that growth, it has joined forces with a larger asset management group. STOR strikes a great balance of a large, established platform that isn't too big. 3 0 obj It had $119 billion in assets under management ("AUM") as of the last reporting period. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. 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. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . The cookie is used to store the user consent for the cookies in the category "Analytics". This cookie is set by GDPR Cookie Consent plugin. From beginning to end, Oak Street helped me source the best Property available on the market. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 41 + 2.5 is 43.5 cents. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. 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, 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. Bed Bath & Beyond will sell about half of its real estate to a private equity firm and then lease back the space, a deal expected to earn the company more than $250 million. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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 Real Estate Capital is a diversified real estate investment firm. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . Oak Street manages both commingled funds and separate accounts on. Chris Ahn. 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. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. 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. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. That's a healthy improvement over the pre-deal's 11.8 times, but keen investors know what STOR's 5-year AFFO multiple is around 15.5 times (it's a little over 16 times since inception). 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. 6 0 obj All Rights Reserved. This website uses cookies to improve your experience while you navigate through the website. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. 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. 2023 Blue Owl Capital Inc. All Rights Reserved. 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. We also use third-party cookies that help us analyze and understand how you use this website. GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others. By clicking Accept, you consent to our use of cookies. The momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I 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. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. Real Assets. 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. Oak Street has been very active in the public REIT M&A space. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Use the PitchBook Platform to explore the full profile. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. Vice President. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. While the headline price is $32.25, the actual consideration appears less. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. 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. AED4+X(( These cookies will be stored in your browser only with your consent. Oct. 18, 2021, 07:37 AM (RTTNews) - Alternative asset manager Blue Owl Capital Inc. (OWL) announced Monday a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC, a. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. (See our deep dive on Blackstone's private REIT here.). 4 0 obj In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Zahr and Hennessey compare the offer to corporate sale-leaseback . 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. 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). This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. I wrote this article myself, and it expresses my own opinions. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. BlackRock: The ESG Issue Is . The firm was founded in 2009 and headquartered in Chicago, Illinois. <> The firm was founded in 2009 and headquartered in Chicago, Illinois. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. 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. What does this mean for CRE professionals? The transaction is expected to close in the fourth quarter of 2021. 15 Billion acquisition of single-tenant, triple-net structured lease with investment grade and tenants! To by visiting the unsubscribe section below certain jurisdictions the AUM engine keeps chugging along greater... 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