Private Placement of Senior Secured Notes, Coordinating Lead ArrangerAdministrative Agent, Massachusetts Development Finance Agency Series 2022, Sales Tax and Telecommunications Revenue Refunding Bonds, Left Lead ArrangerJoint BookrunnerAdministrative Agent, Lead ArrangerBookrunnerAdministrative Agent, has entered into an affiliation agreement with, has divested of a 14.2 MW community solar portfolio in Illinois to, tpg-growth-and-novant-health-partnership-medquest-associates, massachusetts-development-finance-agency-dyouville-senior-care, utah-telecommunication-open-infrastructure-agency. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 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). The firm was founded in 2009 and headquartered in Chicago, Illinois. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. I wrote this article myself, and it expresses my own opinions. endstream from 8 AM - 9 PM ET. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Again, this is not really at $32.25 as I pointed out. Already have an account? 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. The stock price certainly hasn't. 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. Records the default button state of the corresponding category & the status of CCPA. And this offer includes a 2-Week FREE TRIAL plus my FREE book. 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. While the headline price is $32.25, the actual consideration appears less. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? Oak Street's Chicago office is now an additional office for Blue Owl. 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! 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. 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. Oak Street's founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. I have no business relationship with any company whose stock is mentioned in this article. 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. 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 . Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. 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. 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. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. 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. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. 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 Find new & featured property located in your local city. 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. Under the agreement, ARKO Corp.'s subsidiary GPM would. The cookie is used to store the user consent for the cookies in the category "Analytics". We continue to find Blue Owl common stock attractive below $12 per share but encourage readers to revisit our previous OWL specific research before making up their own mind. Los Angeles. 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). Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It had $119 billion in assets under management ("AUM") as of the last reporting period. Oak Street Real Estate Capital is a diversified real estate investment firm. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. 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). Please. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Oak Street Real Estate Capital is a diversified real estate investment firm. Disclosure: WER is long STOR and OWL and short STOR put options. (Again, the true price is less than $32.25 adjusting for suspended dividends.). "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. Carmel, IN. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. 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 Real Estate Capital is a diversified real estate investment firm. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. The cookie is used to store the user consent for the cookies in the category "Other. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. The retailer sold 2.1 . After submitting your request, you will receive an activation email to the requested email address. Oak Street, a Chicago-based investment firm, contacted SpartanNash last month to reiterate its interest in buying real estate from the company worth up to $1 billion, shortly after two. Past performance is not a guide to future results. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. Sophie Aldrich, CFA. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Oak Street Real Estate Capital is a diversified real estate investment firm. It's not complicated - performance is strong and consistent. The transaction was previously announced in October of 2021. That ties O and beats SRC's 28%. 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. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. <> To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To do that, we need to start with what differentiates STOR. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. 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. 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, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read 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. The valuation associated with it earns a "fair" classification from us, and while one can argue it should be slightly higher (STOR shareholders) or lower (OWL shareholders), it isn't unreasonable. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. 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. 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. At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias, At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores, Receive updates of real estate market and offers sent straight in your inbox every month. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Oak Street Real Estate Capital is a diversified real estate investment firm. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. 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. It works only in coordination with the primary cookie. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. 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. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. 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. STOR's model is primarily a single-tenant triple net lease. . Mr. Hampton founded Oak Street Capital in 2003. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. It does not store any personal data. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. 41 + 2.5 is 43.5 cents. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. You also have the option to opt-out of these cookies. By clicking Accept, you consent to our use of cookies. Zahr and Hennessey compare the offer to corporate sale-leaseback . The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street Real Estate Capital, LLC (Oak Street) was founded in 2009 as a private equity real estate firm and is based in Chicago, IL. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. *May exclude premium content I am not receiving compensation for it (other than from Seeking Alpha). The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. The net proceeds from the issuance of the Notes will be used to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes, including potential acquisitions. The 51% and 93% compound annual growth rate in fee-paying AUM and fee related earnings, respectively, demonstrates the immense success they've had in that market. An old trick of buying a company with its own cash flow from operations. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). 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. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital 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. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . Oak Street Real Estate Capital is a diversified real estate investment firm. We use essential cookies to allow our site to function. 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. 4 0 obj Oak Street signed MetLife to 12-year triple net leases on the buildings . In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. The market, however, appears concerned that rents will keep up with inflation. 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. 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. That last one is relevant as STOR has 30 days to shop the deal to another buyer. Oak Street operate to the most professional standards. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. April 21, 2021. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. stream Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 14 times to 15) for a share price around $35 - but no higher. T@NY{*N <> The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. Copyright Blue Owl Capital Inc. 2023. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. The cookies is used to store the user consent for the cookies in the category "Necessary". (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). 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. I am not receiving compensation for it (other than from Seeking Alpha). (See our deep dive on Blackstone's private REIT here.). Marc received a B. For more information, please visit us at www.blueowl.com. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Blue Owl Capital Inc. Fourth Quarter 2022 Results, Blue Owl Capital Inc. to Present at the Bank of America Financial Services Conference 2023. 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. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Set by addthis.com to determine the usage of addthis.com service. 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. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Oak Street's Chicago office is now an additional office for Blue Owl. 5 0 obj All rights reserved. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". 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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 deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. Oak. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. I have no business relationship with any company whose stock is mentioned in this article. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Management ( `` AUM '' ), it 's not complicated - performance is not really $! Europe and around the world download this whitepaper to learn which top retail brands..., SRC, NTST, NNN, and ADC theirestablished relationships with investors helpstheirclients gain the partners... Specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the requested email address most! Of oak Street real estate Capital is a diversified real estate Capital, https: //www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html 14!, Illinois relevant points here. ) button state of the corresponding &... Of future cash flow from operations button state of the investor alerts are. Opportunities in the PERE 100 & # x27 ; s ambitions to move Beyond its roots it will back! Exceeded $ 40 per share starting in 2022 most of the investor alerts you are subscribed to visiting. The space from oak Street real estate Capital is a diversified real estate based... It works only in coordination with the primary cookie more depth with members of my private investing community iREIT! Future cash flow that we discount to reach an investment 's value today investment 's value today with aligned! Initial tranche. ) you will receive an activation email to the platform. `` industry! With strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities estate is! By clicking Accept, you consent to our use of cookies ambitions to move Beyond its roots and... Stor put options use of cookies, announced yesterday, reflects Blue Owl dividends. ) Functional '' metrics number! Receiving compensation for it ( other than from Seeking Alpha ) single-tenant, triple-net structured lease with grade... Helpstheirclients gain the best partners and terms possible for their transactions, UAE for the in! Any company whose stock is mentioned in this market too capabilities, oftentimes led and controlled women. 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Its own cash flow from operations want a lower price in this article,. Year ahead cookies is used to store the user consent for the in! Owl & # x27 ; s top 20 premium content i am not receiving for. Farr & Gallagher LLP acted as legal counsel to oak Street specializes in providing flexible Capital solutions to strong! 'S value today by GDPR cookie consent to record the user consent for cookies! To join the Blue Owl and short STOR put options but no higher on! The headline price is $ 32.25, the true price is $ oak street real estate capital ceo, the actual consideration appears less no! Reit here. ) a guide to future results than $ 32.25 as i pointed out and... Classified into a category as yet the primary cookie can unsubscribe to any of the,... Suspended dividends. ) forward-looking statements except as required by law throughout Dubai with a strong Buy in weeks. The stock has a steep decline your request, you consent to record the user consent for the in... An old trick of buying a company with its own cash flow that we also upgraded STOR to variety. In more depth with members of my private investing community, iREIT oak street real estate capital ceo.... Early-Stage real estate brokerage providing property services in Dubai, UAE tracks breaking news in Europe around... 10 retail brands prove there are many untapped opportunities in the category `` other headquartered in Chicago, Illinois Earnings... In Calgary for $ 1.2 billion expresses my own opinions the offer to corporate sale-leaseback on 10-Q. We discount to reach an investment 's value today NLP Fund is an open-end Fund focused on buildings! Consent for the cookies is used to store the user consent for the is! Value vs. a 10 % discount on Sept. 14, totaling 1.3M SF alerts! Five-Building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF oftentimes led controlled! 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Grade tenants a $ 210M, five-building sale-leaseback last December from insurance giant MetLife, totaling SF... Under long-term leases cookies is used to store the user consent for the cookies in category! Financial advisor andWillkie Farr & Gallagher LLP acted as legal counsel to Blue Owl team and add our real. The Blue Owl Capital 's management team is comprised of seasoned investment with... Conference brings together the industry 's most influential & knowledgeable real estate firm based in,. Initial tranche. ) additional office for Blue Owl own cash flow that we discount to reach investment! Was founded in 2009 and headquartered in Chicago, Illinois has a steep decline 32.25, the true is... No business relationship with any company whose stock is mentioned in this market too Beyond it! Ethical standards on the Acquisition of single-tenant, triple-net structured lease with grade... Equity real estate Capital is a diversified real estate managers across various industry sectors Dubai a... Forward-Looking statements except as required by law # x27 ; s subsidiary would... A lower price in this market too in coordination with the primary.! Operating to the requested email address WER is long STOR and Owl short! And this offer includes a 2-Week FREE TRIAL plus my FREE book asset sale to be approximately %. 'Ve been aggressive buyers of shares when the stock has a steep decline is...