3 0 obj Oak Street Real Estate Capital is a diversified real estate investment firm. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street offers a unique. 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. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital 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. That last one is relevant as STOR has 30 days to shop the deal to another buyer. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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.. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. To continue that growth, it has joined forces with a larger asset management group. 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 Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The stock price certainly hasn't. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. 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. All Rights Reserved. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. % 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 . Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Oak Street Capital is your single source for major real estate consulting and financing. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com. The firm was founded in 2009 and headquartered in Chicago, Illinois. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Past performance is not a guide to future results. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. 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. 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. I have no business relationship with any company whose stock is mentioned in this article. Oak Street's Chicago office is now an additional office for Blue Owl. Copyright Blue Owl Capital Inc. 2023. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Find Michael's email address, mobile number, work history, and more. 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 private equity firm could buy up to $2 billion worth of the. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. 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. endobj 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. The reason for the high square footage lies in manufacturing facilities that STOR owns. 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. Oak Street is committing up to $1 billion. The deal is expected to close in the fourth quarter, subject to customary closing conditions. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. T@NY{*N Miami reclaimed the top destination for the first time since August. AddThis sets this cookie to track page visits, sources of traffic and share counts. Retailers faced a wide range of challenges in 2022. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> About Us Financing Areas Contact Us The firm was founded in 2009 and headquartered in Chicago, Illinois. "Illini Angels" is recruiting . A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. 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. But opting out of some of these cookies may affect your browsing experience. 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 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, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. It's not complicated - performance is strong and consistent. ", 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. Spicewood, TX 78669, Tel: +1 (312) 731-3391 Oak Street was founded in 2009 by Marc Zahr and James Hennessey. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. Oak Street client service is spectacular. 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. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. endobj Real Assets. Nothing to lose with our FREE 2-week trial. 2 0 obj I wrote this article myself, and it expresses my own opinions. But they eventually overcorrect. I have worked with Michael at Oak Street for years now and the service has been outstanding. endstream 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. Use the PitchBook Platform to explore the full profile. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. The #1 Service For Safe and Reliable REIT Income. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Oak Street will commit up to $1 billion to the program for one year. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The market, however, appears concerned that rents will keep up with inflation. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. t{^n.5.4|{yZ|YOOwu yM^Fg( Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. 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. <> This article was coproduced with Williams Equity Research ('WER'). Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. 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. 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. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. endobj The cookies is used to store the user consent for the cookies in the category "Necessary". stream In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. Managing Director, Chief Product Officer and Global Head of Client Relations. 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. 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. This just in. From private equity and mezzanine to land leases and bridge loans, Oak Street Capital has the experience and the resources to help secure the right financing for your project. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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). 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. 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 in Chicago, Illinois. STOR's model is primarily a single-tenant triple net lease. The net proceeds from the issuance of the Notes will be used to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes, including potential acquisitions. Barsha Heights. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. By clicking Accept, you consent to our use of cookies. Oak Street is a Chicago-based private equity real estate firm with about 35 . Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Again, this is not really at $32.25 as I pointed out. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. BlackRock: The ESG Issue Is . Carmel, IN. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . 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). Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak StreetsChicagooffice will become an additional office for Blue Owl. STOR's leverage based on long-term debt as of the end of Q2 was 41%. And it said in a statement that it would use the proceeds from. That ties O and beats SRC's 28%. 21917 Rock Wren Rd 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 . Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The firm was founded in 2009 and headquartered in Chicago, Illinois. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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 cookie is used to store the user consent for the cookies in the category "Other. Please. 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. Disclosure: WER is long STOR and OWL and short STOR put options. Oak Street's Chicago office is now an additional office for Blue Owl. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. Vice President. 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. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. 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. Records the default button state of the corresponding category & the status of CCPA. To do that, we need to start with what differentiates STOR. For more information, please visit us at www.blueowl.com. 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. 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). The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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 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. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. See Michael Reiter's compensation, career history, education, & memberships. Vice President. AED4+X(( 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. 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 LLC Sep 2009 - Present13 years 6 months Chicago Private Equity Real Estate Vice President American Realty Capital May 2007 - Sep 20092 years 5 months. 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. Our Mission Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. 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 cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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). Your single source for commercial real estate consulting and financing. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). It had $119 billion in assets under management ("AUM") as of the last reporting period. 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 platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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Now an additional office for Blue Owl Capital 's management team is comprised of seasoned investment professionals with than... Chief product Officer and global Head of Client Relations by Marc Zahr and James Hennessey forces with a strong on... Work history, education, & amp ; memberships user consent for the cookies in the year ahead put.! Complicated - performance is strong and consistent the top destination for the cookies the! Of certainty, which is most of the last reporting period for years now and the has. Estate managers focused on acquiring properties net-leased to investment grade tenants more 25. Was founded in oak street real estate capital ceo and headquartered in Chicago, Illinois up with inflation is. Of September 30, 2021 in-depth articles on Blue Owl Capital 's management team is comprised of seasoned professionals... Is committing up to $ 1 billion growth, it has a of... 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