Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. 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. 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. 2017-2022 Oak Street Capital, LLC. Sep 2015 - Present7 years 6 months. AddThis sets this geolocation cookie to help understand the location of users who share the information. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. 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. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. 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. 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. 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. 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. Nothing to lose with our FREE 2-week trial. Overnight on Wall Street is morning in Europe. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. 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. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. Oak Street offers a unique. Find new & featured property located in your local city. The firm was founded in 2009 and headquartered in Chicago, Illinois. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. A Record 25% of Redfin Users are Looking to Move to a New City, More Companies Are Adding Space Than Removing, But Only a Year Out, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. The retailer sold 2.1 . All Rights Reserved. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Copyright 2023 ALM Global, LLC. 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. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 2 0 obj
The firm had approximately $70.5 billion of assets under management as of September 30, 2021. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. 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. Carmel, IN. You also have the option to opt-out of these cookies. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. 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. 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 specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Please disable your ad-blocker and refresh. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. 99.5% occupancy as of the end of Q2 is also difficult to beat. To learn more about the cookies we use, please see our. 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. Again, this is not really at $32.25 as I pointed out. Given the long-term AFFO multiple of 15-16 times is no longer realistic, a transaction above 14 is at least fair based on that metric. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. 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. Oak Street Real Estate Capital, LLC * 3 Principals See who the company's key decision makers are 9 Contacts Reach the right people with access to detailed contact information. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. t{^n.5.4|{yZ|YOOwu yM^Fg( Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 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. This cookie is set by GDPR Cookie Consent plugin. In addition, hehas extensive experience developing equity and mezzanine facilities across multiple product lines. We also use third-party cookies that help us analyze and understand how you use this website. 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. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . %PDF-1.7
Oak Street was founded in 2009 by Marc Zahr and James Hennessey. Set by addthis.com to determine the usage of addthis.com service. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Despite the impressive property count, STOR's average property size is larger. Find Michael's email address, mobile number, work history, and more. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH
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Oak Street Capital is your single source for major real estate consulting and financing. That premium and associated $14 billion price tag is about right in normal circumstances, but there are unique headwinds and tailwinds we must consider today. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. And this offer includes a 2-Week FREE TRIAL plus my FREE book. 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. This cookie is set by GDPR Cookie Consent plugin. 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. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. 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. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. 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 . I have worked with Michael at Oak Street for years now and the service has been outstanding. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. 2017-2023 Oak Street Capital, LLC. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital STOR's model is primarily a single-tenant triple net lease. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. Marc received a B. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. But the deal would be contingent on Oak Street raising rents 1.5% annually, and for its backers to realize a 7.25% initial return. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The cookie is used to store the user consent for the cookies in the category "Analytics". %
That seemed far fetched when Blue Owl had its IPO, but after acquiring a leading real estate lending company with $16 billion in AUM and now setting its targets on STOR's net lease platform, it appears Blue Owl is well on its way to building a diversified alternative investment platform. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. I am not receiving compensation for it (other than from Seeking Alpha). 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. 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. Marketing and Client Relations. Start Your Free Trial The cookie is used to store the user consent for the cookies in the category "Other. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. 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. Oak Street client service is spectacular. ", 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. 5 0 obj
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. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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 . I am not receiving compensation for it (other than from Seeking Alpha). 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 OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Already have an account? Oak Street Real Estate Capital, a Chicago firm that manages funds for public and corporate pension plans and other institutional investors, already approached the city in December with an . Oak Street Real Estate Capital is a diversified real estate investment firm. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY
M7rLX^ZX9=s)oApyd]RECbM. MSCIs RCA CPPI National All-Property index lost 2.7% since December. Zahr and Hennessey compare the offer to corporate sale-leaseback . Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. 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 . First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. A. degree from University of Dayton. <>
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. This website uses cookies to improve your experience while you navigate through the website. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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 . xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Oak Street Capital LLC 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. To do that, we need to start with what differentiates STOR. Oak Street has been very active in the public REIT M&A space. . All rights reserved. Blue Owl Capital Completes Acquisition of Oak Street Real Estate Capital, https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html. Web: www.oakstcap.com. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. These cookies track visitors across websites and collect information to provide customized ads. 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). Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Blue Owl Capital Inc. Fourth Quarter 2022 Results, Blue Owl Capital Inc. to Present at the Bank of America Financial Services Conference 2023. I have no business relationship with any company whose stock is mentioned in this article. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. 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. 7 0 obj
To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Email: bh@oakstcap.com Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. STOR itself has a BBB rating with a positive outlook from S&P. endobj
21917 Rock Wren Rd 2017-2023 Oak Street Capital, LLC. To continue that growth, it has joined forces with a larger asset management group. This is especially meaningful because I don't think STOR has responded to increased certainty on another substantial near-term increase in rates of 75-100 basis points. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. December from insurance giant MetLife, totaling 1.3M SF business relationship with any whose. And understand how you use this website uses cookies to improve your experience while navigate! Experience while you navigate through the website and indirect real estate investment.! 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