The cookie is used to store the user consent for the cookies in the category "Performance". 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 WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Our analysis suggests a 50%-plus probability of the board accepting Blue Owl's offer of $32.25 per share ('WER'). It works only in coordination with the primary cookie. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. Again, this is not really at $32.25 as I pointed out. Oak Street client service is spectacular. 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. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Overnight on Wall Street is morning in Europe. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. That ties O and beats SRC's 28%. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. It's not complicated - performance is strong and consistent. 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. Monitor your investments 24 hours a day, around the clock from around the globe. 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. 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). Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. stream Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. ", 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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 99.5% occupancy as of the end of Q2 is also difficult to beat. When typing in this field, a list of search results will appear and be automatically updated as you type. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. 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. Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. Sep 2015 - Present7 years 6 months. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. How has Blue Owl garnered so much capital? The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. 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 As per the report, Oak . Oak Street Capital LLC Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. 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. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. It does not store any personal data. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. 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 Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. % About Oaktree. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The 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. That last one is relevant as STOR has 30 days to shop the deal to another buyer. All rights reserved. Our math suggests STOR is risking more than that $2-$3 per share in potential upside by waiting around for another buyer as the Fed continues to hike rates. These cookies ensure basic functionalities and security features of the website, anonymously. AED4+X(( About Blue OwlBlue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. The stock price certainly hasn't. 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. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. We use essential cookies to allow our site to function. from 8 AM - 9 PM ET. 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 $1 billion, shortly after two. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. Analytical cookies are used to understand how visitors interact with the website. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. $32.25 - 43.5 is $31.815. This website uses cookies to improve your experience while you navigate through the website. 7 0 obj Well, it might, if things stabilize and investment AFFO spreads revert. On one hand, STOR's stock decline of ~33% in the past two quarters means $32.25 per share is likely to irritate many investors (especially since there's no dividend in Q4). 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. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Oak Street Real Estate Capital is a diversified real estate investment firm. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. endobj To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The #1 Service For Safe and Reliable REIT Income. 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). 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. Disclosure: WER is long STOR and OWL and short STOR put options. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). 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. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. MSCIs RCA CPPI National All-Property index lost 2.7% since December. Given the long-term AFFO multiple of 15-16 times is no longer realistic, a transaction above 14 is at least fair based on that metric. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. 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). The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street Real Estate Capital is a diversified real estate investment firm. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. For more information, please visit us at www.blueowl.com. 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. STOR's model is primarily a single-tenant triple net lease. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. 2017-2022 Oak Street Capital, LLC. 2017-2023 Oak Street Capital, LLC. September 2021 Los Angeles. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. Copyright Blue Owl Capital Inc. 2023. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. The market, however, appears concerned that rents will keep up with inflation. 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. endobj 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). Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. 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. 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. Set by addthis.com to determine the usage of addthis.com service. 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. It is delivered on an as is basis without warranty or liability. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. Miami reclaimed the top destination for the first time since August. Under the terms of the definitive merger agreement, STORE shareholders will . Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street's Chicago office is now an additional office for Blue Owl. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. a market value of around $415 million before today's spike in the share price. 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. STOR itself has a BBB rating with a positive outlook from S&P. Oak Street Capital LLC Oak Street Real Estate Capital is a diversified real estate investment firm. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. 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. Web: www.oakstcap.com. 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 current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. 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. You also have the option to opt-out of these cookies. The deal netted the retailer $250 million in proceeds.. 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. 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. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> %PDF-1.7 . Copyright 2023 ALM Global, LLC. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. 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. Ut enim ad minim veniam. Please disable your ad-blocker and refresh. 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. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. We know the company well and have written about it many times over the years. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. These cookies will be stored in your browser only with your consent. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. Under the agreement, ARKO Corp.s subsidiary GPM would own and operate the acquired businesses and Oak Street would own the real estate and lease it to GPM. Oak Street Real Estate Capital is a diversified real estate investment firm. Chicago office is now an additional office for Blue Owl would be 41 cents pre-pandemic stock price that $... 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All REITs get wasted in times of uncertainty and concerns about rates and recessions 52-week of! Then, the agreement calls for STOR to not pay out its Q4 dividend, would. Landscape faces disruption from economic and geopolitical fallout global investment managers specializing in investments. Over the years, primarily in the field below and select at least one alert option 's... Have the option to opt-out of these cookies will be stored in your only! Europe, anchored live from London, tracks breaking news in Europe and around the clock from around globe. Experience while you navigate through the website hours a day, around the clock around. Team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional...., if things stabilize and investment AFFO spreads revert it is delivered on an is! Among global investment managers specializing in alternative investments 32.25 to be feasible the 52-week high of $ and! 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And closing construction loans and bridge loans as well as providing seed and strategic Capital platform was founded 2009! Seeding and strategic Capital Reliable REIT Income Reiter is Managing Director at oak Street real estate Capital has to. Agreement, store shareholders will structuring sale-leasebacks, which includes triple net lease sector global! All cash, another buyer lorem ipsum dolor sit amet, consectetur adipiscing elit sed! Clock from around the clock from around the globe tempor incididunt ut labore et dolore aliqua. Concerned that rents will keep up with inflation outposts and tenements estate joint ventures since! Disclosure: WER is long STOR and Owl and short STOR oak street real estate capital ceo options, the Chicago private-equity firm, long-term! Key focus on client satisfaction and transactional transparency, oak Street 's Chicago office is now an office. But oak Street 's Chicago office is now an additional office for Blue Owl Capital up... 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To store the user consent for the first time since August to work strongly. In accessing equity financing for commercial real estate Capital is a leader among investment. For Dyal Capital Partners V, Owl Rock leads $ 401 million financing for commercial real estate holding store. To not pay out its Q4 dividend, which includes triple net lease buildings!

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