OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. 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 . His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. 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. from 8 AM - 9 PM ET. 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. Chris Ahn. Information on this site is proprietary and may not to be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. 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First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 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. It is delivered on an as is basis without warranty or liability. The transaction was completed in three tranches: a $100 Million 10-year tranche, a $225 Million 12-year tranche and a $125 Million 15-year tranche. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. <> For more information, please visit us atwww.blueowl.com. 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. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. 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. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. These cookies will be stored in your browser only with your consent. Barsha Heights. 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. Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. Past performance is not a guide to future results. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Oak Street manages both commingled funds and separate accounts on. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. We also use third-party cookies that help us analyze and understand how you use this website. Web: www.oakstcap.com. It had $119 billion in assets under management ("AUM") as of the last reporting period. 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 . Mr. Hampton founded Oak Street Capital in 2003. The momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. 99.5% occupancy as of the end of Q2 is also difficult to beat. "Illini Angels" is recruiting . STOR's leverage based on long-term debt as of the end of Q2 was 41%. Whether their clientneeds are simple or complex, Oak Street Capital will work diligently to customize a complete capital structure that protects their clients interests and help ensure their clients are positioned for ongoing success. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). *May exclude premium content Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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. Los Angeles. This website uses cookies to improve your experience while you navigate through the website. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Our typical financing zone ranges from 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. . Our typical financing zone ranges from from $5M to $500M. Oak Street is offering STOR $32.25 per share in cash, or an 18% premium over the previous day's close. Oak Street Real Estate Capital is a diversified real estate investment firm. Your single source for commercial real estate consulting and financing. CEO W. P. Carey Dave Gibbons '92 President Elberon Development Group Tom Grier '87 Managing Director JP Morgan Larissa Herczeg '96 Managing Partner Oak Street Real Estate Capital/Blue Owl Tom Hoban '95 President & CIO Kitson & Partners Malcolm Johnson '98 Founder & CEO Langdon Park Capital Bob Karnes '83 Managing Director BlackRock Matt Kenney The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Nothing to lose with our FREE 2-week trial. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I And this offer includes a 2-Week FREE TRIAL plus my FREE book. You also have the option to opt-out of these cookies. 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. I am not receiving compensation for it (other than from Seeking Alpha). The firm was founded in 2009 and headquartered in Chicago, Illinois. stream Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. For more information, please visit us at www.blueowl.com. NEW YORKandCHICAGO,Oct. 18, 2021 Blue Owl Capital Inc. (Blue Owl) (NYSE:OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC (Oak Street) and its investment advisory business. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. But they eventually overcorrect. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. A. degree from University of Dayton. 14 times to 15) for a share price around $35 - but no higher. 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. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). Prior to the deal being announced, STOR was down 32% from 52-week highs compared to 19% for the S&P 500 SPDR ETF (SPY) and 23% for the Vanguard Real Estate ETF (VNQ). The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. 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. 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.. Oak Street Real Estate Capital is a diversified real estate investment firm. We look forward to working closely together and are excited for what the future holds. All Rights Reserved. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. 6 0 obj The firm was founded in 2009 and headquartered inChicago, Illinois. The closing purchase price of$950 millionwill be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 2023 Blue Owl Capital Inc. All Rights Reserved. endobj An old trick of buying a company with its own cash flow from operations. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. . We specialize in REITs and high-quality dividend companies. Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. How has Blue Owl garnered so much capital? If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. The question is whether STOR's multiple will rise after rate increases. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. Start Your Free Trial To learn more about the cookies we use, please see our. 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