oak street real estate capital ceo

Corporate Relations Get the big picture on a company's affiliates and who they do business with. 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. The private equity firm could buy up to $2 billion worth of the. The firm was founded in 2009 and headquartered in Chicago, Illinois. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Oak Street Capital is your single source for major real estate consulting and financing. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. This website uses cookies to improve your experience while you navigate through the website. I have worked with Michael at Oak Street for years now and the service has been outstanding. Oak Street's founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Please disable your ad-blocker and refresh. Oak Street's Chicago office is now an additional office for Blue Owl. 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. <> 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. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. 21917 Rock Wren Rd <> 2023 Blue Owl Capital Inc. All Rights Reserved. endobj Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. September 2021 STOR itself has a BBB rating with a positive outlook from S&P. We know the company well and have written about it many times over the years. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. Private Placement of Senior Secured Notes, Coordinating Lead ArrangerAdministrative Agent, Massachusetts Development Finance Agency Series 2022, Sales Tax and Telecommunications Revenue Refunding Bonds, Left Lead ArrangerJoint BookrunnerAdministrative Agent, Lead ArrangerBookrunnerAdministrative Agent, has entered into an affiliation agreement with, has divested of a 14.2 MW community solar portfolio in Illinois to, tpg-growth-and-novant-health-partnership-medquest-associates, massachusetts-development-finance-agency-dyouville-senior-care, utah-telecommunication-open-infrastructure-agency. To learn more about the cookies we use, please see our. How has Blue Owl garnered so much capital? Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. The cookie is used to store the user consent for the cookies in the category "Analytics". 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. 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. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . Oak Street client service is spectacular. 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. we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche, BRK-A has reduced its stake in STOR as of Q2-22, Nothing to lose with our FREE 2-week trial. 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. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). Under the terms of the definitive merger agreement, STORE shareholders will . (Note: BRK-A has reduced its stake in STOR as of Q2-22.). With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. 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. The firm focuses on structuring. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). And it said in a statement that it would use the proceeds from. 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. Carmel, IN. endstream 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. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. 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. Barsha Heights. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital All referenced data unless otherwise noted is as of December 31, 2022. Our typical financing zone ranges from from $5M to $500M. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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. All Rights Reserved. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owls ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owls business and additional factors described in the RiskFactors section of our filings with the Securities and Exchange Commission (SEC). A. degree from University of Dayton. The #1 Service For Safe and Reliable REIT Income. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. 14 times to 15) for a share price around $35 - but no higher. Records the default button state of the corresponding category & the status of CCPA. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Monitor your investments 24 hours a day, around the clock from around the globe. I have no business relationship with any company whose stock is mentioned in this article. Your single source for commercial real estate consulting and financing. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. 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 week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. Zahr and Hennessey compare the offer to corporate sale-leaseback . 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. For more information, please visit us at www.blueowl.com. Please. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. (Brad Thomas targets 75% probability of acceptance.). Web: www.oakstcap.com. These cookies track visitors across websites and collect information to provide customized ads. 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. Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak StreetsChicagooffice will become an additional office for Blue Owl. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. 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. The transaction was previously announced in October of 2021. 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 . 7 0 obj Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. 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. Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. Ut enim ad minim veniam. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. These elements explain why Blue Owl is both interested in STOR and at $32.25 per share, but two key questions remain: Is it good for STOR shareholders and what's the probability of obtaining a better price? Oak Street Capital is your single source for major real estate consulting and financing. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. 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. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. Oak Street Funding. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 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. We specialize in REITs and high-quality dividend companies. Oak Street Real Estate Capital is a diversified real estate investment firm. ", 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. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. 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.. Copyright Blue Owl Capital Inc. 2023. endobj The cookies is used to store the user consent for the cookies in the category "Necessary". The deal is expected to close in the fourth quarter, subject to customary closing conditions. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. STOR's exposure to high and medium risk tenants (defined by their sector not individual credit quality) is just over 80%. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. endobj The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. 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). We use essential cookies to allow our site to function. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. (Again, the true price is less than $32.25 adjusting for suspended dividends.). Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. endobj endobj Marketing and Client Relations. Disclosure: WER is long STOR and OWL and short STOR put options. x\Te. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital is a diversified real estate investment firm. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 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. AddThis sets this cookie to track page visits, sources of traffic and share counts. Email: bh@oakstcap.com 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 . Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. Web: www.oakstcap.com. 3 0 obj Grosvenor Business Tower, 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.
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