Sophie Aldrich, CFA. 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.. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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 . The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. That last one is relevant as STOR has 30 days to shop the deal to another buyer. <> We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Sep 2015 - Present7 years 6 months. 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. The firm IPO'd in 2014, and that's a date we should keep in mind. This cookie is set by GDPR Cookie Consent plugin. Your article was successfully shared with the contacts you provided. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. This cookie is set by GDPR Cookie Consent plugin. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. Oak Street was founded in 2009 by Marc Zahr and James Hennessey. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. 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. 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. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Oak Street's Chicago office is now an additional office for Blue Owl. We use essential cookies to allow our site to function. Los Angeles. Disclosure: WER is long STOR and OWL and short STOR put options. I wrote this article myself, and it expresses my own opinions. If you have an ad-blocker enabled you may be blocked from proceeding. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Zahr and Hennessey compare the offer to corporate sale-leaseback . 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. 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 (Note: BRK-A has reduced its stake in STOR as of Q2-22.). 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. 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Oak Street Real Estate Capital, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. <> 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 Real Estate Capital is a diversified real estate investment firm. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital The cookie is used to store the user consent for the cookies in the category "Performance". It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. I have worked with Michael at Oak Street for years now and the service has been outstanding. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. Oak Street Real Estate Capital is a diversified real estate investment firm. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. Our Mission The firm was founded in 2009 and headquartered in Chicago, Illinois. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Its placing comes after raising a total of $6.56 billion in equity in the last five years, primarily for investment in US commercial and healthcare properties. 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? 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. 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. The valuation associated with it earns a "fair" classification from us, and while one can argue it should be slightly higher (STOR shareholders) or lower (OWL shareholders), it isn't unreasonable. Office 1005, 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. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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 . On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. The firm was founded in 2009 and headquartered inChicago, Illinois. Ut enim ad minim veniam. 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. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. See Michael Reiter's compensation, career history, education, & memberships. 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. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. 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. 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. 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. Please. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. September 2021 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. For more information, please visit us atwww.blueowl.com. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The firm focuses on structuring. It's not complicated - performance is strong and consistent. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. 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. 2017-2022 Oak Street Capital, LLC. STOR itself has a BBB rating with a positive outlook from S&P. We recently added an all-new Ratings Tracker called iREIT Buy Zone to help members screen for value. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Capital LLC Oak Street Real Estate Capital is a diversified real estate investment firm. 6 0 obj We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Oak. "Illini Angels" is recruiting . Oak Street Real Estate Capital is a diversified real estate investment firm. 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. 14 times to 15) for a share price around $35 - but no higher. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO - STORE Capital Corporation (NYSE:STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the . Analytical cookies are used to understand how visitors interact with the website. endobj And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. All rights reserved. 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 . 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, 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. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. (Again, the true price is less than $32.25 adjusting for suspended dividends.). The cookies is used to store the user consent for the cookies in the category "Necessary". Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. 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). The firm was founded in 2009 and headquartered in Chicago, Illinois. Email: bh@oakstcap.com Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Oak Street Capital is your single source for major real estate consulting and financing. Web: www.oakstcap.com. Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. 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. 2023 Blue Owl Capital Inc. All Rights Reserved. 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. Barsha Heights. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. 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