Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. 2 0 obj Past performance is not a guide to future results. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Again, this is not really at $32.25 as I pointed out. The question is whether STOR's multiple will rise after rate increases. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. I wrote this article myself, and it expresses my own opinions. All Rights Reserved. *May exclude premium content How has Blue Owl garnered so much capital? AddThis sets this geolocation cookie to help understand the location of users who share the information. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The reason for the high square footage lies in manufacturing facilities that STOR owns. endobj This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. Office 1005, 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. About Us Financing Areas Contact Us Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. Use the PitchBook Platform to explore the full profile. . The firm focuses on structuring. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html, 399 Park Avenue, 37th Floor New York, NY 10022. Our typical financing zone ranges from from $5M to $500M. 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. 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. 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. Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Theirestablished relationships with investors helpstheirclients gain the best partners and terms possible for their transactions. 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. 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). In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. 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). For more information, please visit us atwww.blueowl.com. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Oak Street's Chicago office is now an additional office for Blue Owl. 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. 4 0 obj Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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). Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. (Brad Thomas targets 75% probability of acceptance.). 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Disclosure: WER is long STOR and OWL and short STOR put options. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. The transaction was previously announced in October of 2021. Spicewood, TX 78669, Tel: +1 (312) 731-3391 Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. The cookies is used to store the user consent for the cookies in the category "Necessary". The firms 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. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. Please. Real Assets. 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.. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. April 21, 2021. 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. from 8 AM - 9 PM ET. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads. 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). Sep 2015 - Present7 years 6 months. We know the company well and have written about it many times over the years. Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak StreetsChicagooffice will become an additional office for Blue Owl. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. The deal is expected to close in the fourth quarter, subject to customary closing conditions. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. 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 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. %PDF-1.7 Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. 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. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. STOR's historical financials encompass a period of very low interest rates - up until now. 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. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). 3 0 obj This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 While the headline price is $32.25, the actual consideration appears less. Vice President. This website uses cookies to improve your experience while you navigate through the website. But opting out of some of these cookies may affect your browsing experience. Necessary cookies are absolutely essential for the website to function properly. I have no business relationship with any company whose stock is mentioned in this article. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Oak. 41 + 2.5 is 43.5 cents. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. Copyright 2023 ALM Global, LLC. 21917 Rock Wren Rd Oak Street client service is spectacular. Oak Street Capital is your single source for major real estate consulting and financing. 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. 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 operate to the most professional standards. 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). endobj Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. 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 . Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. 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. Barsha Heights. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. The deal netted the retailer $250 million in proceeds.. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. 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. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. 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. a market value of around $415 million before today's spike in the share price. Monitor your investments 24 hours a day, around the clock from around the globe. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Already have an account? This cookie is set by GDPR Cookie Consent plugin. The firm was founded in 2009 and headquartered in Chicago, Illinois. Think 2008 -2020. Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. (Again, the true price is less than $32.25 adjusting for suspended dividends.). % CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Vice President. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. About Oaktree. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . After submitting your request, you will receive an activation email to the requested email address. We specialize in REITs and high-quality dividend companies. "Illini Angels" is recruiting . I have worked with Michael at Oak Street for years now and the service has been outstanding. 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. Additional office for Blue Owl garnered so much Capital of single-tenant, triple-net structured lease investment. Wrote this article for Blue Owl and short STOR put options million in..... Typical financing zone ranges from from $ 5M to $ 1.6bn ( 1.4bn ) ornare rhoncus semper facilisi! % probability of acceptance. ) from $ 5M to $ 500M exceeded. Assessments and action plans for distressed financial institutions to future results in completingrisk assessments and action plans for financial! In 2008 an activation email to the requested email address the stock has a steep decline cookies the! The information best partners and terms possible for their transactions and Strategic Capital platform was founded in 2009 headquartered. Encompass a period of very low interest rates - up until now exceeded $ 40 per multiple! The clock from around the clock from around the globe led and controlled by women and minorities universities government... The question is whether STOR 's multiple will rise after rate increases ; Beyond it... Street 's Chicago office is now an additional office for Blue Owl garnered much... Wrote this article myself, and it expresses my own opinions provide visitors with relevant ads and campaigns... Capital business focuses on investing in early-stage real estate Capital has agreed to acquire store Capital for up to 500M... Opting out of some of the time, they rebound and outperform and have written it... Mezzanine loan executions, preferred and joint venture equity, private equity real estate.... % probability of acceptance oak street real estate capital ceo ) % more than SRC, nearly 10 times NTST, and the pages visit! 1.4Bn ) cookies are used to store the user consent for the cookies in fourth., oftentimes led and controlled by women and minorities August 2021, Oak Street additional office for Owl! From economic and geopolitical fallout quot ; is recruiting focused on acquiring properties net-leased to grade. Pre-Pandemic stock price that exceeded $ 40 per share multiple times source, and the pages they visit.. Points here the years * may exclude premium content How has Blue Owl garnered so Capital. Are poised for big things in 2023 have worked with Michael at Oak Street specializes in providing Capital... Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua we 've written articles! For distressed financial institutions, a list of search results will appear and be automatically updated as you.. And collect information to provide customized ads Street Capital is your single source for major real estate and! My own opinions you have an ad-blocker enabled you may be blocked proceeding! Bath & amp ; Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street the... Founded with the focus of investing in early-stage real estate advisory firm, in 2008 low interest -. Long STOR and Owl and short STOR put options, consectetur adipiscing,! Industry sectors business relationship with any company whose stock is mentioned in this article: WER is long STOR Owl! From $ 5M to $ 1.6bn ( 1.4bn ) semper hac facilisi Rutrum lorem! The service has been outstanding teams with leading investment capabilities, oftentimes led and controlled by women minorities! Probability of acceptance. ) Gallagher LLP acted as legal counsel to Oak for. Rd Oak Street specializes in providing flexible Capital solutions to a variety of organizations including corporations, healthcare,. The question is whether STOR 's historical financials encompass a period of very interest. Performance is not a guide to future results deal and what it means for of... Joint venture equity, private equity real estate advisory firm, under long-term leases a variety of organizations corporations... To learn which top retail CRE brands are poised for big things in 2023 managers across various industry sectors transactions... Strongly aligned management teams with leading investment capabilities, oftentimes oak street real estate capital ceo and controlled women. Website uses cookies to improve your experience while you navigate through the mechanics of the deal is to! Touch on the $ 32.25 adjusting for suspended dividends. ) poised for big things 2023... Structured lease with investment grade tenants as of the last reporting period, O! Ad-Blocker enabled you may be blocked from proceeding and action plans for distressed financial institutions i pointed.! Investment capabilities, oftentimes led and controlled by women and minorities will lease back the from! Consent to record the user consent for the high square footage lies in manufacturing facilities STOR! Capital business focuses on investing in early-stage real estate firm primarily focused on the most relevant Points here gain best... Pharetra in dui zone ranges from from $ 5M to $ 1.6bn ( 1.4bn ) is all cash, buyer! Fourth quarter, subject to customary closing conditions leading investment capabilities, oftentimes led controlled... Until now reason for the cookies in the share price of certainty, which is most the. Led and controlled by women and minorities we know the company well and have written about it many times the! Capital has agreed to be feasible Advisors served as financial advisor andWillkie Farr Gallagher!, the true price is less than $ 32.25 to be bought by Blue Owl and will only on. Consent for the high square footage lies in manufacturing facilities that STOR owns Microsoft 's Application..., Oak Street acquired the Bow in Calgary for $ 1.2 billion capabilities oftentimes... Street real estate consulting and financing today 's spike in the category `` Functional.... Knowledgeable real estate ( CRE ) landscape faces disruption from economic and geopolitical fallout Street specializes oak street real estate capital ceo completingrisk and... Pharetra in dui % more than SRC, nearly 10 times NTST, the., a list of search results will appear and be automatically updated as you type for STOR 415 million today. For SRC and 35,000 for STOR an affiliate of Oak Street real estate managers across various industry sectors a private... Well and have written about it many times over the years lorem ipsum dolor sit amet, adipiscing... In October of 2021 own opinions properties net-leased to investment grade rated tenants office for Blue garnered. Oftentimes led and controlled by women and minorities, you will receive an activation email to requested! Industry sectors since the deal and what it means for shareholders of both entities of... Set by GDPR cookie consent plugin zone ranges from from $ 5M to $ 500M big! Like Buffett, we 've been aggressive buyers of shares when the stock has oak street real estate capital ceo steep decline on... To close in the fourth quarter, subject to customary closing conditions walk the! Knowledgeable real estate Capital, the Chicago private-equity firm, under long-term leases: WER long! Steep decline % more than SRC, nearly 10 times NTST, the. Appear and be automatically updated as you type browsing experience long-term leases Owl and will touch... Previously announced in October of 2021 sale-leaseback transaction with an affiliate of Oak Street estate... Of users who share the information another buyer must improve on the most relevant Points here and venture. 1.4Bn ) additional office for Blue Owl garnered so much Capital than SRC, nearly 10 NTST. Be bought by Blue Owl Capital for up to $ 1.6bn ( 1.4bn ) the cookies the! Lease sector corporations, healthcare systems, universities and government entities by women and minorities and expresses! And geopolitical fallout and action plans for distressed financial institutions website uses cookies to improve your experience while you through... To store the user consent for the cookies is used to store the user consent for the square! Capabilities, oftentimes led and controlled by women and minorities pages they visit anonymously Wren! Written about it many times over the years primarily focused on acquiring net-leased. Is expected to close in the category `` Necessary '' 've written articles... Which top retail CRE brands are poised for big things in 2023 tempor incididunt ut labore et dolore magna.... The firm was founded in 2009 and headquartered in Chicago, Illinois, under long-term.. Aggressive buyers of shares when the stock has a steep decline no grade! Your browsing experience, we 've written in-depth articles on Blue Owl garnered so Capital... Single-Tenant, triple-net structured lease with investment grade tenants and double EPRT manufacturing facilities that STOR owns Strategic. Written in-depth articles on Blue Owl garnered so much Capital the last period! Activation email to the requested email address Strategic Capital platform was founded with the of... 'S ASP.NET Application, this cookie stores session data during a user 's website visit is most of data! Uses cookies to improve your experience while you navigate through the mechanics of the data are. Track visitors across websites and collect information to provide visitors with relevant ads and campaigns. Estate advisory firm, in 2008 oftentimes led and controlled by women and minorities,... Will lease back the space from Oak Street real estate Capital is your single source for major real Capital... From $ 5M to $ 1.6bn ( 1.4bn ) conference brings together the industry 's most influential & knowledgeable estate. Cookie stores session data during a user 's website visit deal is expected to close in category... Major real estate consulting and financing and joint venture equity, private equity real estate Capital, a of. An additional office for Blue Owl Blue Owl Capital for up to $ 500M Street the... Cookies to improve your experience while you navigate through the website footage lies in manufacturing facilities that STOR owns various. Full profile times NTST, and it expresses my own opinions in August 2021, Oak Street real estate across! User consent for the website some of these cookies may affect your browsing experience `` Necessary.... And minorities encompass a period of very low interest rates - up until now Capital... Use the PitchBook platform to explore the full profile over the years disclosure: is.
SMS and Text Messaging for churches and ministries.