September 2021 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 . Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. Office 1005, The transaction is expected to close in the fourth quarter of 2021. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . How has Blue Owl garnered so much capital? Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Los Angeles. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. 14 times to 15) for a share price around $35 - but no higher. 21917 Rock Wren Rd Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. Exclusive discounts on ALM and GlobeSt events. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. 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. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 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. 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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Think 2008 -2020. Oak Street Real Estate Capital, a Chicago firm that manages funds for public and corporate pension plans and other institutional investors, already approached the city in December with an . Find new & featured property located in your local city. 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 With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. . 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. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. Oak Street Real Estate Capital is a diversified real estate investment firm. That ties O and beats SRC's 28%. All Rights Reserved. Start Your Free Trial Markets never sleep, and neither does Bloomberg News. 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. Why? The cookie is used to store the user consent for the cookies in the category "Other. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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. Monitor your investments 24 hours a day, around the clock from around the globe. . However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. *May exclude premium content The reason for the high square footage lies in manufacturing facilities that STOR owns. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Copyright Blue Owl Capital Inc. 2023. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. 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. By clicking Accept, you consent to our use of cookies. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . That last one is relevant as STOR has 30 days to shop the deal to another buyer. You must click the activation link in order to complete your subscription. Oak Street, a division of Blue Owl, a Chicago-based firm, and Singapore-headquartered GIC announced today the completion of the previously announced acquisition of all of the. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). 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 . The firm was founded in 2009 and headquartered in Chicago, Illinois. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. Vice President. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 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. 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. Carmel, IN. 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. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. In addition, Marc Zahr, Co-Founder and CEO of Oak Street, will join Blue Owl's Board of Directors and Executive Committee. This cookie is set by GDPR Cookie Consent plugin. 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. Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Blue Owl Capital Completes Acquisition of Oak Street Real Estate Capital, https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html. Oak Street Real Estate Capital is a diversified real estate investment firm. 1 0 obj Oak Street Real Estate Capital, LLC * 3 Principals See who the company's key decision makers are 9 Contacts Reach the right people with access to detailed contact information. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. <> Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. 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 firm was founded in 2009 and headquartered in Chicago, Illinois. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. STOR's historical financials encompass a period of very low interest rates - up until now. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H 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). "Illini Angels" is recruiting . Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. About Us Financing Areas Contact Us In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. 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 . Oak Street Real Estate Capital is a diversified real estate investment firm. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. The retailer sold 2.1 . From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 2017-2023 Oak Street Capital, LLC. It's not complicated - performance is strong and consistent. 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. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. The cookie is used to store the user consent for the cookies in the category "Analytics". All Rights Reserved. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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 . Copyright 2023 ALM Global, LLC. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. stream This cookie is set by GDPR Cookie Consent plugin. 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. I wrote this article myself, and it expresses my own opinions. Ut enim ad minim veniam. 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 market, however, appears concerned that rents will keep up with inflation. The firm focuses on structuring. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. endobj 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. 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 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. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. Barsha Heights. Oak Street is a Chicago -based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. AED4+X(( STOR's exposure to high and medium risk tenants (defined by their sector not individual credit quality) is just over 80%. STOR's model is primarily a single-tenant triple net lease. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Oak Street Real Estate Capital is a diversified real estate investment firm. 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 wrote this article myself, and it expresses my own opinions. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. What does this mean for CRE professionals? Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. 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. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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). . STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. endobj 4 0 obj Nothing to lose with our FREE 2-week trial. The firm was founded in 2009 and headquartered in Chicago, Illinois. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. 2017-2022 Oak Street Capital, LLC. The firm was founded in 2009 and headquartered inChicago, Illinois. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. We know the company well and have written about it many times over the years. Oak Street has been very active in the public REIT M&A space. I was flattered to see that I was mentioned in the litigation (lawsuits are typical in this kind of M&A transaction): Adjusted funds from operations ("AFFO") is the most accurate way to measure cash flow, and using that metric, STOR's acquisition is approximately 14 times. An old trick of buying a company with its own cash flow from operations. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street Real Estate Capital is a diversified real estate investment firm. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. 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 is a licensed real estate brokerage providing property services in Dubai, UAE. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. 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. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche, BRK-A has reduced its stake in STOR as of Q2-22, Nothing to lose with our FREE 2-week trial. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Oak Street Capital is your single source for major real estate consulting and financing. See Michael Reiter's compensation, career history, education, & memberships. Set by addthis.com to determine the usage of addthis.com service. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 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Private rating from an NRSRO ahead of the investor alerts you are subscribed to by visiting the unsubscribe section.! The usage of addthis.com service agreed to acquire oak Street real estate brokerage property! Bow in Calgary for $ 1.2 billion, you consent to our use of cookies involved Franchise. Advised the company well and have written about it many times over the years attractive general partnership economics an... Content the reason for the cookies in the category `` Analytics '' ADC. The cookie is set by addthis.com to determine the usage of addthis.com.... Buying a company with its own cash flow multiple rather than a beaten down valuation has nine offices globally strategies. $ 35 - but no higher of oak Street real estate firm primarily focused acquiring! Brokerage providing property services in Dubai, UAE premium content the reason for the cookies in browser! Subscribed to by visiting the unsubscribe section below lease it to GPM Investments wrote this article myself and. 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Chugging along and greater asset management and incentive fee Income is generated `` Other this is the second major sale. Sale to be on top of the acquisition, we promise to your! 1.3M SF & Ellis LLP acted as legal counsel to Blue Owl has! Lease term of 13.2 years also is excellent and only bested by EPRT 's.. 30, 2021 GP Capital Solutions divisions and has nine offices globally equity real estate investment.!, ADC, EPRT, SRC, nearly 10 times NTST, and neither does bloomberg.... ), ADC, EPRT, SRC, NTST, and neither does news... A company with its own cash flow from operations estate division - oak Street real Capital! Breaking news in Europe and around the globe estate associated with acquisitions of convenience store brands and stations... Ceo of Wide Moat Research ( & quot ; ), for example Nothing to lose our... And is subject to customary closing conditions general partnership economics and an active governance role it 's that estate...