Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Our competitive advantages include our experienced team of investment professionals, a global platform and a unifying investment philosophy that is complemented by a set of core business principles. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. 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. 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. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. 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. All Rights Reserved. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. 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. AddThis sets this cookie to track page visits, sources of traffic and share counts. For more information, please visit us atwww.blueowl.com. 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. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. 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 . 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 Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. 2017-2023 Oak Street Capital, LLC. MSCIs RCA CPPI National All-Property index lost 2.7% since December. Managing Director, Chief Product Officer and Global Head of Client Relations. Our Mission This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. <>
Christopher Volk, a contributing author and friend of Wide Moat Research, co-founded STORE Capital (NYSE:STOR) and was the CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). Real Assets. Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. Find new & featured property located in your local city. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. . It does not store any personal data. 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. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Grosvenor Business Tower,
Oak Street Capital is your single source for major real estate consulting and financing. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. STOR's leverage based on long-term debt as of the end of Q2 was 41%. From private equity and mezzanine to land leases and bridge loans, Oak Street Capital has the experience and the resources to help secure the right financing for your project. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. 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 . Oak Street Real Estate Capital is a diversified real estate investment firm. 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. I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Oak Street Real Estate Capital is a diversified real estate investment firm. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. This article was coproduced with Williams Equity Research ('WER'). But Oak Street's losses rose nearly 40% to $376.2 million over the same period. Mr. Milek hasmore than twentyyears of experience inall aspects ofcommercial real estate finance. 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. a market value of around $415 million before today's spike in the share price. The cookie is used to store the user consent for the cookies in the category "Performance". 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. 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. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . 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. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". I am not receiving compensation for it (other than from Seeking Alpha). And it said in a statement that it would use the proceeds from. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. The market, however, appears concerned that rents will keep up with inflation. Carmel, IN. View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. This just in. This cookie is set by GDPR Cookie Consent plugin. The current commercial real estate (CRE) landscape faces disruption from economic and geopolitical fallout. 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. Already have an account? Think 2008 -2020. We specialize in REITs and high-quality dividend companies. 41 + 2.5 is 43.5 cents. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH
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Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. 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 is the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. 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. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. Subscription-Based publisher of Owl assumes no obligation to update or revise any such forward-looking except! 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