<> The firm was founded in 2009 and headquartered in Chicago, Illinois. You can sign up for additional alert options at any time. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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 firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. 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 Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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 provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. This cookie is set by GDPR Cookie Consent plugin. Our competitive advantages include our experienced team of investment professionals, a global platform and a unifying investment philosophy that is complemented by a set of core business principles. All Rights Reserved. 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. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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. 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. All referenced data unless otherwise noted is as of December 31, 2022. 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. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. ", 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. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H Barsha Heights. 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. About Oak Street. <> 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. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. Use the PitchBook Platform to explore the full profile. 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. endobj Your article was successfully shared with the contacts you provided. The unit, Petershill, in November purchased a minority stake in Oak Street Real Estate Capital LLC, which has raised over $6.5 billion since launching in 2009. 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. As per the report, Oak . URBANA The University of Illinois' venture-capital arm is building a network of alumni investors to help grow campus-borne businesses from the ground floor. For more information, please visit us atwww.blueowl.com. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. 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 <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. I wrote this article myself, and it expresses my own opinions. 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. 2023 Blue Owl Capital Inc. All Rights Reserved. All Rights Reserved. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. Please disable your ad-blocker and refresh. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). But Oak Street's losses rose nearly 40% to $376.2 million over the same period. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. All rights reserved. To do that, we need to start with what differentiates STOR. STOR's leverage based on long-term debt as of the end of Q2 was 41%. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. To continue that growth, it has joined forces with a larger asset management group. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . 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. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. AddThis sets this geolocation cookie to help understand the location of users who share the information. This press release includes certain non-GAAP financial measures, including Distributable Earnings per Share, that are not prepared in accordance with accounting principles generally accepted inthe United States(GAAP) and that may be different from non-GAAP financial measures used by other companies. Blue Owl said the transaction adds a complementary real estate capability to Blue Owl's suite of financing solutions for use rs of capital and offer s institutional and retail investors additional compelling investment option s.. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $10.8 . from 8 AM - 9 PM ET. Retailers faced a wide range of challenges in 2022. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. STOR's historical financials encompass a period of very low interest rates - up until now. But opting out of some of these cookies may affect your browsing experience. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Think 2008 -2020. Web: www.oakstcap.com. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead. That's a healthy improvement over the pre-deal's 11.8 times, but keen investors know what STOR's 5-year AFFO multiple is around 15.5 times (it's a little over 16 times since inception). We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Chris Ahn. 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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. Please. These cookies will be stored in your browser only with your consent. Again, this is not really at $32.25 as I pointed out. endobj Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Email: bh@oakstcap.com Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. $32.25 - 43.5 is $31.815. stream 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. In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. The firm was founded in 2009 and headquartered in Chicago, Illinois. The firm focuses on structuring. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Oak Street Capital LLC Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. 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Find new & featured property located in your local city. The cookies is used to store the user consent for the cookies in the category "Necessary". Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). 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. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Overnight on Wall Street is morning in Europe. It does not store any personal data. The firm was founded in 2009 and headquartered in Chicago, Illinois. x\Te. First, investors had anticipated a dividend increase for Q3. For more information, please visit us at www.blueowl.com. Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. 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