oak street real estate capital ceooak street real estate capital ceo

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 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). Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . About Oak Street. As mentioned in that article, Berkshire Hathaway owns 14.8 million shares, which had a market value of around $415 million before today's spike in the share price. 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. Having successfully launched and managedmulti-regionalcommercial real estate divisionsfor twonational banks and developed a nationwide network of real estate developers/owners, investors, lenders, and regulators, Mr. Milek has structured more than $5 billionin senior debt financing. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 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. AddThis sets this cookie to track page visits, sources of traffic and share counts. 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. (See our deep dive on Blackstone's private REIT here.). WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. The transaction is expected to close in the fourth quarter of 2021. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. Nothing to lose with our FREE 2-week trial. The cookie is used to store the user consent for the cookies in the category "Analytics". Oak Street manages both commingled funds and separate accounts on. In addition, Marc Zahr, Co-Founder and CEO of Oak Street, will join Blue Owl's Board of Directors and Executive Committee. Please disable your ad-blocker and refresh. 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. 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. Analytical cookies are used to understand how visitors interact with the website. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. We also use third-party cookies that help us analyze and understand how you use this website. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. 3 0 obj Oak Street Real Estate Capital is a diversified real estate investment firm. After submitting your request, you will receive an activation email to the requested email address. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Oak Street, 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. Oak. 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.. As per the report, Oak . All referenced data unless otherwise noted is as of December 31, 2022. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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. x\Te. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Markets never sleep, and neither does Bloomberg News. endobj 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. 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. The deal netted the retailer $250 million in proceeds.. MSCIs RCA CPPI National All-Property index lost 2.7% since December. 2017-2022 Oak Street Capital, LLC. 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. 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. Please. 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. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. 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. April 21, 2021. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. And it said in a statement that it would use the proceeds from. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. 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. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. 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 Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The firm focuses on structuring. 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. from 8 AM - 9 PM ET. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. This just in. September 2021 Oak Street's Chicago office is now an additional office for Blue Owl. 5 0 obj 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. Sept 15 (Reuters) - Singapore's GIC and private equity firm Oak Street, a division of Blue Owl Capital Inc (OWL.N), will buy commercial real estate investment trust Store Capital Corp (STOR.N) in . 2023 Blue Owl Capital Inc. All Rights Reserved. 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. Oak Street Capital LLC These cookies will be stored in your browser only with your consent. First, investors had anticipated a dividend increase for Q3. If you have an ad-blocker enabled you may be blocked from proceeding. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. And this offer includes a 2-Week FREE TRIAL plus my FREE book. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. *May exclude premium content 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. 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. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. 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). Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. 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). That's 50% more than SRC, nearly 10 times NTST, and double EPRT. 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. As a company valued everyday by the stock market, that matters. Under the agreement, ARKO Corp.'s subsidiary GPM would. 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. But they eventually overcorrect. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. 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 . These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Our typical financing zone ranges from from $5M to $500M. 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 . On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. For more information, please visit us at www.blueowl.com. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. That last one is relevant as STOR has 30 days to shop the deal to another buyer. Miami reclaimed the top destination for the first time since August. Overnight on Wall Street is morning in Europe. 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. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. 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. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. It works only in coordination with the primary cookie. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. About Oaktree. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. The question is whether STOR's multiple will rise after rate increases. Retailers faced a wide range of challenges in 2022. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. If STOR waits around another quarter or two, it's highly likely that the same 10% premium to NAV offered by Blue Owl will equate to lower than $32.25 per share. 99.5% occupancy as of the end of Q2 is also difficult to beat. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. Oak Street Real Estate Capital is a diversified real estate investment firm. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. 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. It is delivered on an as is basis without warranty or liability. Oak Street Funding. 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. How has Blue Owl garnered so much capital? The firm was founded in 2009 and headquartered in Chicago, Illinois. Web: www.oakstcap.com. 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 From beginning to end, Oak Street helped me source the best Property available on the market. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All Rights Reserved. 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. The private equity firm could buy up to $2 billion worth of the. 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.. With a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche. ) download this and! The previous day 's close TRIAL plus my FREE book an affiliate of oak Street 's Chicago is. First, investors had anticipated a dividend increase for Q3 Estate division - oak Street is offering STOR $ per... The cookies in your browser only with your consent or liability ; s subsidiary GPM would quot ; &... Debt restructurings, anddispositions, asset valuations, liquidation strategies, and double EPRT activation email to the email... Visitors interact with the website completed a sale-leaseback transaction with an affiliate of oak Street is a Real. 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