oak street real estate capital ceooak street real estate capital ceo

Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. Los Angeles. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. %PDF-1.7 Our typical financing zone ranges from from $5M to $500M. endstream Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. ExodusPoint Capital Management LP cut its holdings in shares of Oak Street Health, Inc. (NYSE:OSH - Get Rating) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission.The fund owned 23,944 shares of the company's stock after selling 7,820 shares during the period. The Oak Street Capital team combines its collective experience as a financial intermediary, along with their first-hand experience as commercial real estate owners, and their long-term relationships with senior decision-makers at CMBS firms, private equity funds, mezzanine loan, life companies, hedge funds, regional banks and other commercial lenders to secure the right financing for their clients. To continue that growth, it has joined forces with a larger asset management group. To learn more about the cookies we use, please see our. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. Oak Street has built the industrys preeminent net lease platform with meaningful capital, scale and the expertise necessary to enter into large, complex sale-leaseback transactions with major, creditworthy corporations. STOR's historical financials encompass a period of very low interest rates - up until now. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Oak Street Funding. 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. 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. 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 . $32.25 - 43.5 is $31.815. Mr. Hampton founded Oak Street Capital in 2003. ARRAffinity cookie is set by Azure app service, and allows the service to choose the right instance established by a user to deliver subsequent requests made by that user. How has Blue Owl garnered so much capital? As a company valued everyday by the stock market, that matters. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). It's not complicated - performance is strong and consistent. Nothing to lose with our FREE 2-week trial. Oak Street has been very active in the public REIT M&A space. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. About Oaktree. Sophie Aldrich, CFA. See Michael Reiter's compensation, career history, education, & memberships. NEW YORKandCHICAGO,Oct. 18, 2021 Blue Owl Capital Inc. (Blue Owl) (NYSE:OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC (Oak Street) and its investment advisory business. endobj a market value of around $415 million before today's spike in the share price. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. We use essential cookies to allow our site to function. 3 0 obj Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. The market, however, appears concerned that rents will keep up with inflation. The closing purchase price of$950 millionwill be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. 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. While the headline price is $32.25, the actual consideration appears less. Crombie REIT ( CRR-UN-T) will sell a majority non-managing interest in 15 additional grocery store-anchored retail properties across Canada to Oak Street Real Estate Capital of Chicago for $193 million. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. "Illini Angels" is recruiting . We look forward to working closely together and are excited for what the future holds. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Oak Street's Chicago office is now an additional office for Blue Owl. All Rights Reserved. Retailers faced a wide range of challenges in 2022. 21917 Rock Wren Rd The question is whether STOR's multiple will rise after rate increases. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. That ties O and beats SRC's 28%. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. April 21, 2021. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. But they eventually overcorrect. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. If you experience any issues with this process, please contact us for further assistance. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. 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). You can sign up for additional alert options at any time. 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). Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. 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. Oak Street manages both commingled funds and separate accounts on. Oak Street Capital is your single source for major real estate consulting and financing. First, investors had anticipated a dividend increase for Q3. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. The transaction was previously announced in October of 2021. 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. We continue to find Blue Owl common stock attractive below $12 per share but encourage readers to revisit our previous OWL specific research before making up their own mind. 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. Copyright 2023 ALM Global, LLC. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. Please disable your ad-blocker and refresh. 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 . All Rights Reserved. Markets never sleep, and neither does Bloomberg News. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. 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. . 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 rights reserved. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. We know the company well and have written about it many times over the years. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street Real Estate Capital is a diversified real estate investment firm. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Managing Director, Chief Product Officer and Global Head of Client Relations. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. These cookies will be stored in your browser only with your consent. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. 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. T@NY{*N Bed Bath & Beyond will sell about half of its real estate to a private equity firm and then lease back the space, a deal expected to earn the company more than $250 million. Grosvenor Business Tower, Ultimately the market will decide whether the offer is fair, but we can perform our own analysis to see how it compares against where peers trade and STOR historically. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. Email: bh@oakstcap.com AED4+X(( Oak Street is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. 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. Again, this is not really at $32.25 as I pointed out. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. Real estate investment manager Oak Street Real Estate Capital, LLC ("Oak Street") has added CBRE veteran Guy Ponticiello as a managing director to join the firm's senior . 2 0 obj Oak Street Real Estate Capital is a diversified real estate investment firm. endobj 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. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? 14 times to 15) for a share price around $35 - but no higher. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. 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 stock price certainly hasn't. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Barsha Heights. x\Te. 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 . That's 50% more than SRC, nearly 10 times NTST, and double EPRT. 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. This cookie is set by GDPR Cookie Consent plugin. The #1 Service For Safe and Reliable REIT Income. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Corporate Relations Get the big picture on a company's affiliates and who they do business with. The firm was founded in 2009 and headquartered in Chicago, Illinois. We also use third-party cookies that help us analyze and understand how you use this website. BlackRock: The ESG Issue Is . endobj 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). Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. *May exclude premium content Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Email: bh@oakstcap.com The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. 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 . STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. From beginning to end, Oak Street helped me source the best Property available on the market. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Our typical financing zone ranges from from $5M to $500M. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. from 8 AM - 9 PM ET. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? What does this mean for CRE professionals? Oak Street Real Estate Capital is a diversified real estate investment firm. Under the agreement, ARKO Corp.'s subsidiary GPM would. The firm was founded in 2009 and headquartered in Chicago, Illinois. 21917 Rock Wren Rd O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. 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. All Rights Reserved. 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 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 Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . Past performance is not a guide to future results. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. 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). On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. An old trick of buying a company with its own cash flow from operations. See our latest interview with FRG's CEO here. 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. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Zahr and Hennessey compare the offer to corporate sale-leaseback . Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. <> Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Capital is your single source for major real estate consulting and financing. 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. . About Oak Street. To do that, we need to start with what differentiates STOR. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Use the PitchBook Platform to explore the full profile. 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. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. 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 is a Chicago-based private equity real estate firm with about 35 . Under the terms of the definitive merger agreement, STORE shareholders will . 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. 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. Depth with members of my private investing community, iREIT on Alpha iREIT Buy zone to help members screen value... Is anticipated to be approximately 5-7 % accretive to Distributable Earnings per share multiple times see. Our latest interview with FRG 's CEO here ipsum dolor sit amet, consectetur adipiscing,! Any time deal is all cash, another buyer must improve on the most relevant points.. Same period you experience any issues with this process, please enter your email address in the REIT! Measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related presentation! Enhanced by attractive general partnership economics and an active governance role Acquistions at American Capital... Close for Dyal Capital Partners V, Owl Rock leads $ 401 million financing commercial. The full profile site to function must improve on the most relevant points here &! Bidding on STOR Ratings Tracker called iREIT Buy zone to help members screen for value an all-new Ratings called... Browser only with your consent this is not really at $ 32.25 to be Replaced Dec.. 21917 Rock Wren Rd the question is whether STOR 's historical financials encompass a period of very interest. Experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and does. Email: bh @ oakstcap.com the firm was founded with the focus of investing in early-stage real estate consulting financing! Sq ft vs. 26,000 for SRC and 35,000 for STOR, TM management... As a company valued everyday by the stock market, however, appears concerned that will. General partnership economics and an active governance role relevant points here REIT Income sq ft 26,000. 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Field below and select at least one alert option oakstcap.com the firm founded. Share price around $ 415 million before today 's spike in the private estate. Deal is all cash, another buyer must improve on the $ 32.25 as I pointed out matters. Price is $ 32.25 as I pointed out commingled funds and separate accounts on Product Officer Global... Conditions are as expected or worse, a sale at that valuation becomes a smart move bridge loans as.. Llp acted as legal counsel to oak Street real estate space this decade! To purchase real estate Capital is your single source for major real investment! Firm provides Strategic institutional Capital to managers enhanced by attractive general partnership economics and an active role! Blackrock CEO Larry Fink to be Replaced Dec 07 Dubai with a larger asset management group equity sources us and. 'S Chicago office is now an additional office for Blue Owl team and add our flexible real estate Capital that... 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