2017-2023 Oak Street Capital, LLC. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. 99.5% occupancy as of the end of Q2 is also difficult to beat. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. 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 Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. STOR's model is primarily a single-tenant triple net lease. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. Well, it might, if things stabilize and investment AFFO spreads revert. I was flattered to see that I was mentioned in the litigation (lawsuits are typical in this kind of M&A transaction): Adjusted funds from operations ("AFFO") is the most accurate way to measure cash flow, and using that metric, STOR's acquisition is approximately 14 times. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. Spicewood, TX 78669, Tel: +1 (312) 731-3391 Oak Street Real Estate Capital is a diversified real estate investment firm. stream The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. 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 the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. Managing Director, Chief Product Officer and Global Head of Client Relations. 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 . 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. Web: www.oakstcap.com. If you experience any issues with this process, please contact us for further assistance. From beginning to end, Oak Street helped me source the best Property available on the market. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. But they eventually overcorrect. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". The firm was founded in 2009 and headquartered in Chicago, Illinois. See our latest interview with FRG's CEO here. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. 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. The transaction was previously announced in October of 2021. 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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. I am not receiving compensation for it (other than from Seeking Alpha). This cookie is set by GDPR Cookie Consent plugin. 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. Your single source for commercial real estate consulting and financing. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? 3 0 obj The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. from 8 AM - 9 PM ET. The firm was founded in 2009 and headquartered in Chicago, Illinois. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Grosvenor Business Tower, BlackRock: The ESG Issue Is . 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 . Necessary cookies are absolutely essential for the website to function properly. Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. I wrote this article myself, and it expresses my own opinions. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. Records the default button state of the corresponding category & the status of CCPA. Copyright 2023 ALM Global, LLC. I wrote this article myself, and it expresses my own opinions. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital . Please disable your ad-blocker and refresh. Exclusive discounts on ALM and GlobeSt events. . Disclosure: WER is long STOR and OWL and short STOR put options. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Overnight on Wall Street is morning in Europe. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street, a division of Blue Owl, a Chicago-based firm, and Singapore-headquartered GIC announced today the completion of the previously announced acquisition of all of the. Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak StreetsChicagooffice will become an additional office for Blue Owl. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. 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. Set by addthis.com to determine the usage of addthis.com service. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital 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+. 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. Under the terms of the definitive merger agreement, STORE shareholders will . Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. Nothing to lose with our FREE 2-week trial. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. For those reasons, I don't expect a higher bid, but if it does occur, I think it will be one more turn (e.g. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. This cookie is set by GDPR Cookie Consent plugin. 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. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). 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 . 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). "Illini Angels" is recruiting . ", 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. Find Michael's email address, mobile number, work history, and more. 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. It is delivered on an as is basis without warranty or liability. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl's Board of Directors and Executive Committee. Email: bh@oakstcap.com Oak Street Capital LLC endobj 2009 2017 2019 2020 2021 Oak Street Real Estate Capital, LLC (Oak Street) was founded PA SERS makes their first investment in Oak Street PA SERS makes their second Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. 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). 1 0 obj AED4+X(( On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Ut enim ad minim veniam. 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. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. To do that, we need to start with what differentiates STOR. Markets never sleep, and neither does Bloomberg News. 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. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. 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. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. Marc received a B. 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). 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 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 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 Capitals mission as a financial advisory firm is to provide our clients with the best capital stack options for their commercial project or asset that optimizes their financial position and returns consistently. We look forward to working closely together and are excited for what the future holds. 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.. My team and I look forward to partnering with the Blue Owl team to bring Oak Streets differentiated product offerings to a new base of investors and to collaborate to bring additional investment opportunities to investors in Oak Streets funds down the line.. Office 1005, Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Private equity firm Oak Street Real Estate Capital LLC has reportedly made a bid to acquire around $2 billion worth of property from Kohl's, Reuters reported on Friday. Key Points Bed Bath & amp ; beyond said it has a of... 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