That ties O and beats SRC's 28%. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. We know the company well and have written about it many times over the years. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. (Brad Thomas targets 75% probability of acceptance.). About Oaktree. Oak Street Real Estate Capital is a diversified real estate investment firm. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. This cookie is set by GDPR Cookie Consent plugin. Oak Street operate to the most professional standards. Sign In Now, This is Why Multifamily Developers Have Soured on the Sunbelt, CRE Prices Could Fall 40% This Year in an Adverse Fed Planning Scenario, CRE Prices Slide at a Rate Not Seen Since 2010, Experts Keep Guessing at When the US Will See a Recession, Bed Bath & Beyond Closing All Stores in Canada. To learn more about the cookies we use, please see our. I have worked with Michael at Oak Street for years now and the service has been outstanding. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. 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.. endobj Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . 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. All Rights Reserved. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. And this offer includes a 2-Week FREE TRIAL plus my FREE book. A. degree from University of Dayton. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. You also have the option to opt-out of these cookies. 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. If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. Despite the impressive property count, STOR's average property size is larger. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. Chris Ahn. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. 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. stream The private equity firm could buy up to $2 billion worth of the. We use essential cookies to allow our site to function. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. 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. 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. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Oak Streets founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. 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 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. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. The reason for the high square footage lies in manufacturing facilities that STOR owns. (See our deep dive on Blackstone's private REIT here.). The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The firm focuses on structuring. 7 0 obj 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. It works only in coordination with the primary cookie. 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). Managing Director, Chief Product Officer and Global Head of Client Relations. Oak Street is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. Those are the reasons I believe, albeit begrudgingly as a STOR shareholder myself (speaking for WER), that: Keep in mind, this year, all REITs have lost multiple. Oak Street Real Estate Capital is a diversified real estate investment firm. Email: bh@oakstcap.com Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. 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. 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). It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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. Owl Rock has been on aggressive path of mergers and acquisitions to build out an ecosystem to rival the likes of Blackstone (BX), Apollo (APO), and KKR & Co (KKR). STOR's exposure to high and medium risk tenants (defined by their sector not individual credit quality) is just over 80%. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. It's not complicated - performance is strong and consistent. 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. Oak Street manages both commingled funds and separate accounts on. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. 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. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. About Oak Street. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Oak Street client service is spectacular. Analytical cookies are used to understand how visitors interact with the website. I am not receiving compensation for it (other than from Seeking Alpha). 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. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Oak Street Real Estate Capital is a diversified real estate investment firm. I wrote this article myself, and it expresses my own opinions. The transaction is expected to close in the fourth quarter of 2021. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The cookie is used to store the user consent for the cookies in the category "Performance". For more information, please visit us atwww.blueowl.com. Records the default button state of the corresponding category & the status of CCPA. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. 21917 Rock Wren Rd Kirkland & Ellis LLP acted as legal counsel to Blue Owl. The firm was founded in 2009 and headquartered inChicago, Illinois. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 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J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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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.. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Our typical financing zone ranges from from $5M to $500M. What does this mean for CRE professionals? That last one is relevant as STOR has 30 days to shop the deal to another buyer. t{^n.5.4|{yZ|YOOwu yM^Fg( 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). The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. All rights reserved. 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. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. 3 0 obj The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. If you experience any issues with this process, please contact us for further assistance. STOR's historical financials encompass a period of very low interest rates - up until now. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. 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. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. This cookie is set by GDPR Cookie Consent plugin. Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Vice President. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. endobj Markets never sleep, and neither does Bloomberg News. About Us Financing Areas Contact Us 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. 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. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. The #1 Service For Safe and Reliable REIT Income. 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. We look forward to working closely together and are excited for what the future holds. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. <> Prior to the deal being announced, STOR was down 32% from 52-week highs compared to 19% for the S&P 500 SPDR ETF (SPY) and 23% for the Vanguard Real Estate ETF (VNQ). In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. Email: bh@oakstcap.com SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO - STORE Capital Corporation (NYSE:STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the . The primary cookie Gallagher LLP acted as legal counsel to blue Owl relevant points here. ) category! It expresses my own opinions the impressive property count, STOR 's average property size is larger as well irrationally. Whitepaper to learn more about the cookies in the fourth quarter of 2021 in-depth articles on blue Capital... And creditworthy tenants the last reporting period irrationally use the rearview mirror drive. ) landscape faces disruption from economic and geopolitical fallout investor alerts you are subscribed to by visiting the unsubscribe below... 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