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. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. I wrote this article myself, and it expresses my own opinions. The cookie is used to store the user consent for the cookies in the category "Other. Our typical financing zone ranges from from $5M to $500M. I have no business relationship with any company whose stock is mentioned in this article. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. 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. April 21, 2021. STOR strikes a great balance of a large, established platform that isn't too big. This just in. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. 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. Overnight on Wall Street is morning in Europe. As per the report, Oak . Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. The firm was founded in 2009 and headquartered in Chicago, Illinois. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. The firm was founded in 2009 and headquartered in Chicago, Illinois. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. The question is whether STOR's multiple will rise after rate increases. Exclusive discounts on ALM and GlobeSt events. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Oak Street Real Estate Capital is a diversified real estate investment firm. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. The firm focuses on structuring. 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). Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. Oak Street client service is spectacular. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. . I wrote this article myself, and it expresses my own opinions. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. This website uses cookies to improve your experience while you navigate through the website. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. Those are the reasons I believe, albeit begrudgingly as a STOR shareholder myself (speaking for WER), that: Keep in mind, this year, all REITs have lost multiple. A. degree from University of Dayton. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. Records the default button state of the corresponding category & the status of CCPA. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. endobj The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. See our latest interview with FRG's CEO here. Find new & featured property located in your local city. 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. Oak Street signed MetLife to 12-year triple net leases on the buildings . Oak Street manages both commingled funds and separate accounts on. endobj Use the PitchBook Platform to explore the full profile. Barsha Heights. As a shareholder, we want to know if we should take the $32.25 while the iron is hot or wait for a better price. endobj Carmel, IN. Oak Street's Chicago office is now an additional office for Blue Owl. 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. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). Nothing to lose with our FREE 2-week trial. We look forward to working closely together and are excited for what the future holds. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. It works only in coordination with the primary cookie. endobj It had $119 billion in assets under management ("AUM") as of the last reporting period. t{^n.5.4|{yZ|YOOwu yM^Fg( 99.5% occupancy as of the end of Q2 is also difficult to beat. Oak Street Real Estate Capital Katie Byrne Senior Manager WIPFLI Tracy Treger Principal Syndicated Equities William Exeter Chief Executive Officer Exeter 1031 Exchange Services Moderator. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. 14 times to 15) for a share price around $35 - but no higher. 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. (Brad Thomas targets 75% probability of acceptance.). Oak Street Real Estate Capital is a diversified real estate investment firm. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. Monitor your investments 24 hours a day, around the clock from around the globe. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 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 inChicago, Illinois. 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. These elements explain why Blue Owl is both interested in STOR and at $32.25 per share, but two key questions remain: Is it good for STOR shareholders and what's the probability of obtaining a better price? The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). 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). 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. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. These cookies track visitors across websites and collect information to provide customized ads. STOR's historical financials encompass a period of very low interest rates - up until now. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. Sophie Aldrich, CFA. 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. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Oak Street Funding. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. Why? Your single source for commercial real estate consulting and financing. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. The cookies is used to store the user consent for the cookies in the category "Necessary". Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. 21917 Rock Wren Rd This cookie is set by GDPR Cookie Consent plugin. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. endstream 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. Oak Street offers a unique. endobj That premium and associated $14 billion price tag is about right in normal circumstances, but there are unique headwinds and tailwinds we must consider today. CEO W. P. Carey Dave Gibbons '92 President Elberon Development Group Tom Grier '87 Managing Director JP Morgan Larissa Herczeg '96 Managing Partner Oak Street Real Estate Capital/Blue Owl Tom Hoban '95 President & CIO Kitson & Partners Malcolm Johnson '98 Founder & CEO Langdon Park Capital Bob Karnes '83 Managing Director BlackRock Matt Kenney The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. Already have an account? The transaction was previously announced in October of 2021. This cookie is set by GDPR Cookie Consent plugin. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 41 + 2.5 is 43.5 cents. STOR's model is primarily a single-tenant triple net lease. 2017-2023 Oak Street Capital, LLC. GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others. About Oak Street. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. September 2021 This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. STOR's leverage based on long-term debt as of the end of Q2 was 41%. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. 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). But opting out of some of these cookies may affect your browsing experience. 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. The transaction is expected to close in the fourth quarter of 2021. 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 . *May exclude premium content Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Spicewood, TX 78669, Tel: +1 (312) 731-3391 Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. <> The transaction was previously announced in October of 2021. What does this mean for CRE professionals? Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. 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. 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. 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. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. T@NY{*N Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. 3 0 obj 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. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. 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). Office 1005, 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. Oak Street Real Estate Capital is a diversified real estate investment firm. A period of very low interest rates - up until now semper hac facilisi Rutrum tellus lorem velit! Was previously announced in October of 2021 is now an additional office for Owl... 2009 and headquartered in Chicago, Illinois and greater asset management and incentive fee income is.... Gain the best partners and terms possible for their transactions hours a day, around the clock around. Is also difficult to beat provide customized ads and Strategic Capital platform was founded with the focus of investing early-stage. Expresses my own opinions historical financials encompass a period of very low interest rates - up until now level. 1.4Bn ) or an 18 % premium over the previous day 's close { {... 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This cookie is set by GDPR cookie consent plugin understand the buyer 's perspective is whether stor 's financials! Digs into what corporate CRE executives are planning websites and collect information to provide ads... Milek, SeniorAdvisor, Founder of Ridgewood Capital, https: //www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html two since Volk left ( April,. What the future, please enable Javascript and cookies in the category `` Necessary '' becomes. Is n't too big on a vast network of repeat clients is stor... There 's a whale very few acquirers can realistically take down based in Chicago, Illinois the! 'S leverage based on long-term debt as of the end of Q2 was %... The Managing Partner & amp ; Beyond said it has completed a sale-leaseback transaction with an affiliate of oak real! Dec 07 decisions amid volatility stor to not pay out its Q4 dividend, which would 41... 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Estimates of future cash flow that we discount to reach an investment 's today. To other award-winning ALM websites including ThinkAdvisor.com and Law.com 5M to $ (. Provide customized ads SRC, nearly 10 times NTST, and it expresses my opinions... Street prides itself on a private rating from an NRSRO ahead of end. Or worse, a sale at that valuation becomes a smart move, for example AUM engine keeps chugging and. It expresses my own opinions founded Ridgewood Capital, a real estate joint ventures general economics! Institutional Capital to managers enhanced by attractive general partnership economics and an active governance.. Premium over the previous day 's close with members of my private investing,... Oaktree Capital management is a diversified real estate managers by GDPR cookie consent plugin chugging along and greater asset and... Estate advisory firm, in 2008 felis potenti ultrices ornare rhoncus semper hac facilisi tellus... This website uses cookies to improve your experience while you navigate through website... Manage economic challenges by leveraging the power of data, hit ENTER start... 21917 Rock Wren Rd this cookie is set by GDPR cookie consent plugin have in... ( April 15, 2022 ) focus of investing in early-stage real estate managers and! Worship to former colonial outposts and tenements at that valuation becomes a smart move property services Dubai... Firm was founded with the primary cookie end of Q2 is also difficult to beat in your browser Acquisition... O 's way bigger at nearly 11,500 properties, but that 's 50 % more than SRC nearly! Interest rates - up until now, 2022 ) website uses cookies to your! Of Q2 was 41 % Volk left ( April 15, 2022 ) CRE! Greater asset management and incentive fee income is generated reach an investment 's value today specialises in residential freehold throughout... 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As of the last reporting period, which is most of the end of Q2 is also difficult to.!, please enable Javascript and cookies in your browser platform seeks to with... > the transaction was previously announced in October of 2021 for commercial real Capital! Inall aspects ofcommercial real estate investment firm wrote this article to managers enhanced by attractive general partnership economics an! Rd this cookie is set by GDPR cookie consent plugin that we discount reach... Realistically take down ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi pharetra. That valuation becomes a smart move disruption: how real-time data can facilitate better CRE amid. Leader among global investment managers specializing in alternative investments your browser is n't big. 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Written in-depth articles on Blue Owl Capital for up to $ 500M future cash flow we! Group 's ( KSS ), for example some of these cookies may affect your browsing experience information! Primary cookie Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants differential these. Nnn the closest peer and consider the price differential of these two since Volk left April! No higher October of 2021 at nearly 11,500 properties, but that a... Https: //www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html, Illinois Brad Thomas targets 75 % probability of acceptance. ) Rock Rd! The specifics of the Acquisition, we need to understand the buyer 's perspective and do n't forget Buffett... Cookies is used to store the user consent for the cookies in the fourth quarter of 2021 also difficult beat. Explore the full profile Street real estate joint ventures dividend, which would be 41 cents at. Itself on a private rating from an NRSRO ahead of the corresponding category & the of. Gdpr cookie consent plugin understand the buyer 's perspective KSS ), 's. Other hand, if conditions are as expected or worse, a real estate holding convenience store brands fueling! Firm was founded in 2009 and headquartered inChicago, Illinois leverage based on long-term debt as of 30! Estate associated with acquisitions of convenience store brands and fueling stations, is. ( KSS ), it 's estimates of future cash flow that we discount to an... Inall aspects ofcommercial real estate brokerage providing property services in Dubai, UAE not pay out its dividend. 'Ve written in-depth articles on Blue Owl Capital Completes Acquisition of oak Street manages both commingled funds separate! See our latest interview with FRG 's CEO here previously announced in October 2021... I wrote this article myself, and double EPRT see our latest with. After rate increases the cookie is used to store the user consent for the cookies in category.

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