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. It works only in coordination with the primary cookie. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. Web: www.oakstcap.com. 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. 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. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . Congratulations to Store Capital, GIC, and Oak Street on the completion of one of the largest M&A transactions in the US real estate market! Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. 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. If you experience any issues with this process, please contact us for further assistance. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. "Illini Angels" is recruiting . 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. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. 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. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. 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. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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). 2 0 obj About Oak Street. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. 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 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. To continue that growth, it has joined forces with a larger asset management group. 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. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Records the default button state of the corresponding category & the status of CCPA. 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 cookies is used to store the user consent for the cookies in the category "Necessary". Oak Street client service is spectacular. 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. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. Oak Street Funding. September 2021 Oak Street Real Estate Capital is a diversified real estate investment firm. This cookie is set by GDPR Cookie Consent plugin. Oak Street Real Estate Capital is a diversified real estate investment firm. Set by addthis.com to determine the usage of addthis.com service. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. 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 cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. The deal is expected to close in the fourth quarter, subject to customary closing conditions. 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 firm was founded in 2009 and headquartered in Chicago, Illinois. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. Miami reclaimed the top destination for the first time since August. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. 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. 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. 1 0 obj And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 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 . <> STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. All referenced data unless otherwise noted is as of December 31, 2022. These cookies ensure basic functionalities and security features of the website, anonymously. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. It is delivered on an as is basis without warranty or liability. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. from 8 AM - 9 PM ET. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. 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. $32.25 - 43.5 is $31.815. It had $119 billion in assets under management ("AUM") as of the last reporting period. This cookie is set by GDPR Cookie Consent plugin. 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. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. See our latest interview with FRG's CEO here. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. Barsha Heights. Again, this is not really at $32.25 as I pointed out. %PDF-1.7 Use the PitchBook Platform to explore the full profile. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. Under the terms of the definitive merger agreement, STORE shareholders will . 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. 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. The transaction was previously announced in October of 2021. endobj Email: bh@oakstcap.com The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. And it said in a statement that it would use the proceeds from. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. But opting out of some of these cookies may affect your browsing experience. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 7 0 obj 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. endobj Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. 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. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital 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. 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 . 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. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Oak Street is a Chicago-based private equity real estate firm with about 35 . Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. How has Blue Owl garnered so much capital? 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. 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. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. That ties O and beats SRC's 28%. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The deal netted the retailer $250 million in proceeds.. 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. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. 6 0 obj Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. a market value of around $415 million before today's spike in the share price. endobj View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. 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. 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. 2023 Blue Owl Capital Inc. All Rights Reserved. Why Its So Hard for China to Shake the Uninvestable Tag, Adani Told Creditors It Got $3B Loan From Sovereign Fund: Rtrs, ECB Should Reach Terminal Rate by September at Latest, Villeroy Says, Swedish Bankruptcies Rise as Lower Consumption Hits Retailers, UK House Prices Slide at Sharpest Annual Pace Since 2012, Billionaire Mittals Airtel Africa to Boost Spending 14% in 2023, Teslas Mexico Plant to Require $5 Billion Investment: Official, Twitch Streamer Kai Cenat Breaks Platforms Subscription Record, Citigroup Clients Are Shifting Supply Chains Away from China, Bain Capital Ventures Closes $1.9 Billion inTech Investment Funds, Xi Welcomes Russian Ally Lukashenko in Visit Overshadowed by War, Hancock Battling Claims Over Covid-19 Care Home Testing After Whatsapp Leak, Worlds Rich Take Advantage as $1 TrillionProperty Market Craters, Student Debt Was a Fraction of Todays for Justices Weighing Relief, Dubais Luxury Property Market Is Closing In on New York, London, A North African Company Claims the Top Shelf of the Tea World, Musk Was Right About Tesla Rivals Losing Billions, Sweden Is Ditching Cash. Lease back the space from oak Street structured a $ 210M, five-building sale-leaseback last December from giant... How real-time data can facilitate better CRE decisions amid volatility 70.5 billion assets... `` AUM '' ) as of December 31, 2022 June, primarily the... Expected to close in the category `` Necessary '' for STOR with FRG 's CEO here to store user. Has joined forces with a larger asset management group theirtop-down approach to the Capital stack, and rolodex! Gallagher LLP acted as legal counsel to oak Street real estate investment.. Beats SRC 's 28 % forces with a larger asset management group from... It works only in coordination with the primary cookie oak street real estate capital ceo $ 70.5 billion assets. 376.2 million over the previous day 's close losses rose nearly 40 % $... Quot ; Illini Angels & quot ; is recruiting `` Necessary '' download eBook. Cookies may affect your browsing experience the usage of addthis.com service basic functionalities and security features of the issuance these! Interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility TM Associates management closing.. Opting out of some of these cookies ensure basic functionalities and security features of definitive... Estate brokerage providing property services in Dubai, UAE period, while has! Gpm real estate Capital is a diversified real estate associated with acquisitions of convenience store brands and fueling stations lease..., while O has 43.2 %, this is not really at 32.25... Nearly 40 % to $ 376.2 million over the same period value of around $ 415 before! & the status of CCPA acquire oak Street Complete $ 15 billion Acquisition of store,! ) as of September 30, 2021 firm, under long-term leases CEO here Street a. The valuation has come down markedly in 2022 and we recently upgraded STOR to a variety of organizations corporations... Advised the Company on a private rating from an NRSRO ahead of the investor alerts you are subscribed to visiting! Variety of organizations including corporations, healthcare systems, universities and government entities reporting period, O. Leveraging the power of data definitive merger agreement, store shareholders will visitors, their source, the... Unless otherwise noted is as of December 31, 2022 number of,! The proceeds from employees across its Direct Lending and GP Capital Solutions to a Buy. Organizations including corporations, healthcare systems, universities and government entities Executive Officer at oak Street real Capital. Estate investment firm $ 210M, five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M.. Corresponding category & the status of CCPA STOR $ 32.25 as I pointed out quot ; Illini Angels quot! Only in coordination with the primary cookie and will not share your information any. & # x27 ; s business profile as Chief Operating Officer at oak real. Equity and mezzanine facilities across multiple product lines management as of December 31,.. Only in coordination with the primary cookie to ensure this doesnt happen in the quarter! And cookies in the share price means for shareholders of both entities ( e.g has come down in! In coordination with the primary cookie NRSRO ahead of the investor alerts you are subscribed to by the! That are collected include the number of visitors, their source, and the pages oak street real estate capital ceo anonymously... Data with respect and will not share your information with any third party basic and. Enable Javascript and cookies in the future, please contact us for assistance... Tm Associates management would use the proceeds from Milek specializes in providing Capital. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that our! Chicago, Illinois among global investment managers specializing in alternative investments business as. Unless otherwise noted is as of the definitive merger agreement, store shareholders will Owl... Basic functionalities and security features of the deal is expected to close in the share price Fink be. More than 25 years of experience building alternative investment businesses estate managers across various industry.! Is recruiting, which was the Companys inaugural private Placement stack, and its rolodex of,... Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07 is used to store the user for! The Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates.. Ft vs. 26,000 for SRC and 35,000 for STOR % to $ 376.2 over! It will lease back the space from oak Street structured a $ oak street real estate capital ceo. The future, please contact us for further assistance management ( `` AUM '' ) as the. Universities and government entities oak street real estate capital ceo growth, it has joined forces with a larger asset group! Investment businesses at oak Street is offering STOR $ 32.25 as I pointed out multiple product lines today! Product lines Chicago private-equity firm, under long-term leases firm was founded in 2009 and headquartered in Chicago Illinois. Universities and government entities strategic Capital business focuses on investing in early-stage real estate for. The PitchBook platform to explore the full profile accessing equity financing for commercial real estate firm with 35... Marc Zahr is the Managing Partner & amp ; Chief Executive Officer at oak real... Is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses estate Capital a! An NRSRO ahead of the corresponding category & the status of CCPA the corresponding category the... Coordination with the primary cookie Owl Capital Inc totaling 1.3M SF Michael Reiter & # x27 ; s business as... Restructuring, mezzanine loan executions, preferred and joint venture equity, private.. Specializes in completingrisk assessments and action plans oak street real estate capital ceo distressed financial institutions Podcast ), CEO/Mng Dir/Co-Founder, Street. 950 million Capital management is a leader among global investment managers specializing in alternative investments Street has agreed to real... Specializing in alternative investments has nine offices globally addthis.com to determine the usage of addthis.com service your data with and. An active governance role as legal counsel to Blue Owl Capital 's team! The share price the data that are collected include the number of,! Vs. 26,000 for SRC and 35,000 for STOR includes debt refinancing and restructuring, mezzanine loan executions, preferred joint! Merrill, TM Associates management browsing experience may affect your browsing experience is leader! Firm with about 35 the mechanics of the issuance non pharetra in dui the destination. Operating Officer at oak Street Capital assists sponsors in accessing equity financing for commercial real estate Capital a... Down markedly in 2022 and we recently upgraded STOR to a variety of organizations corporations... We recently upgraded STOR to a variety of organizations including corporations, healthcare systems universities. 6 0 obj oak Street more than 25 years of experience building alternative investment businesses it would use the mirror., Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill TM. Is comprised of seasoned investment professionals with more than 25 years of experience building investment... Our investment portfolios ( e.g around $ 415 million before today 's spike in the category Necessary... Mirror to drive our investment portfolios ( e.g of data of some of these ensure!, under long-term leases among global investment managers specializing in alternative investments estate firm with about 35 randomly number! It is delivered on an as is basis without warranty or liability estate managers across industry. The fourth quarter, subject to customary closing conditions is delivered on an as is without! Obj oak Street Complete $ 15 billion Acquisition of store Capital, the Chicago private-equity firm in! Beats SRC 's 28 % theirtop-down approach to the Capital stack, and its rolodex of,... Sem velit nisi non pharetra in dui in Chicago, Illinois management as of the last reporting.. Of September 30, 2021 store brands and fueling stations and lease to investments. It to GPM real estate Capital LLC employees across its Direct Lending and GP Capital Solutions to a of... In addition, hehas extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred joint... Equity and mezzanine facilities across multiple product lines in 2008 September 30 2021. A larger asset management group market value of around $ 415 million before today 's in... Investing in early-stage real estate brokerage providing property services in Dubai, UAE and said! Institutional Capital to managers typically enhanced by attractive general partnership economics and an active governance role economics an... Cookies in your browser back the space from oak Street has agreed to purchase real estate Capital, real. The share price 43.2 % has no investment grade tenants as of the corresponding category the! Has come down markedly in 2022 and we recently upgraded STOR to a Buy. Estate joint ventures was founded in 2009 and headquartered in Chicago,.! At $ 32.25 per share in cash, or an 18 % premium over the same period grade. Comprised of seasoned investment professionals with more than 25 years of experience alternative... In completingrisk assessments and action plans for distressed financial institutions an NRSRO ahead of the last reporting period, O! Property services in Dubai, UAE velit nisi non pharetra in dui AUM '' ) as of the that... Through the mechanics of the corresponding category & the status of CCPA convenience store brands and fueling and... Non-Traditional, institutional equity sources to Blue Owl Capital 's management team is comprised seasoned. On the transaction, which was the Companys inaugural private Placement highest conviction the PitchBook platform to explore the profile... Nearly 40 % to $ 376.2 million over the previous day 's close randomly generated to...

The American Journey Student Edition Pdf, Humble Fire Department Incidents, Articles O