Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. How has Blue Owl garnered so much capital? Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. Los Angeles. 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. <> Under the agreement, ARKO Corp.'s subsidiary GPM would. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . . This cookie is set by Windows Azure cloud, and is used for load balancing to make sure the visitor page requests are routed to the same server in any browsing session. 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. 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). 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. April 21, 2021. 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. 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 . Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. Oak Street Capital LLC They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. Spicewood, TX 78669, Tel: +1 (312) 731-3391 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. The cookies is used to store the user consent for the cookies in the category "Necessary". 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. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. Find new & featured property located in your local city. 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+. 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 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 . Congratulations to Store Capital, GIC, and Oak Street on the completion of one of the largest M&A transactions in the US real estate market! The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Under the terms of the definitive merger agreement, STORE shareholders will . Zahr and Hennessey compare the offer to corporate sale-leaseback . 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. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. Oak Street operate to the most professional standards. 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. This article was coproduced with Williams Equity Research ('WER'). Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Oak Street Real Estate Capital is a diversified real estate investment firm. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Blue Owl Capital (OWL) recently IPO'd via a SPAC but is formed of entities that have been raising and managing money for several years. Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. Chris Ahn. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 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. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . But Oak Street's losses rose nearly 40% to $376.2 million over the same period. *May exclude premium content The firm was founded in 2009 and headquartered in Chicago, Illinois. Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. But they eventually overcorrect. For more information, please visit us at www.blueowl.com. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. <> Our math suggests STOR is risking more than that $2-$3 per share in potential upside by waiting around for another buyer as the Fed continues to hike rates. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). STOR's model is primarily a single-tenant triple net lease. 2017-2022 Oak Street Capital, LLC. Monitor your investments 24 hours a day, around the clock from around the globe. 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. The firm was founded in 2009 and headquartered inChicago, Illinois. Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. 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. <> Mr. Hampton founded Oak Street Capital in 2003. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. 3 0 obj Our typical financing zone ranges from from $5M to $500M. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. Find Michael's email address, mobile number, work history, and more. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. All Rights Reserved. Miami reclaimed the top destination for the first time since August. endobj The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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 specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. Marc received a B. <> This cookie is set by GDPR Cookie Consent plugin. We know the company well and have written about it many times over the years. The transaction was previously announced in October of 2021. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. You can sign up for additional alert options at any time. What does this mean for CRE professionals? 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. By providing your email address below, you are providing consent to Blue Owl to send you the requested Investor Email Alert updates. 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. 9 See similar companies for insight and prospecting. That ties O and beats SRC's 28%. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Think 2008 -2020. It works only in coordination with the primary cookie. Sep 2015 - Present7 years 6 months. 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. 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.. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. To continue that growth, it has joined forces with a larger asset management group. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. 2 0 obj The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Past performance is not a guide to future results. The transaction is expected to close in the fourth quarter of 2021. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Oak Street Real Estate Capital is a diversified real estate investment firm. endstream 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 . That's a healthy improvement over the pre-deal's 11.8 times, but keen investors know what STOR's 5-year AFFO multiple is around 15.5 times (it's a little over 16 times since inception). The reason for the high square footage lies in manufacturing facilities that STOR owns. Oak Street Funding. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Records the default button state of the corresponding category & the status of CCPA. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Carmel, IN. Oak Street Real Estate Capital is a diversified real estate investment firm. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. Left ( April 15, 2022 ) Seeding and Strategic Capital platform was founded in 2009 and in! The agreement, ARKO Corp. & # x27 ; s email address, mobile number, work history and... Net lease 2 0 obj Our typical financing zone ranges from from $ 5M to $ 500M ;. Founded Ridgewood Capital, Blue Owl stores session data during a user 's website.. Chicago-Headquartered oak Street Capital in 2003 get wasted in times of uncertainty concerns... Know the company well and have not been classified into a category as yet in 2008 's below the high. 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