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. Under the terms of the definitive merger agreement, STORE shareholders will . Real Assets. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Carmel, IN. 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. $32.25 - 43.5 is $31.815. These cookies will be stored in your browser only with your consent. GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Understandably, investors hope any premium to be on top of the long-term average cash flow multiple rather than a beaten down valuation. The reason for the high square footage lies in manufacturing facilities that STOR owns. 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. 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). Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 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. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The transaction was previously announced in October of 2021. Office 1005, 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. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. % The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Streets founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. Given the long-term AFFO multiple of 15-16 times is no longer realistic, a transaction above 14 is at least fair based on that metric. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Well, it might, if things stabilize and investment AFFO spreads revert. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. from 8 AM - 9 PM ET. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. 41 + 2.5 is 43.5 cents. 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. Oct. 18, 2021, 07:37 AM (RTTNews) - Alternative asset manager Blue Owl Capital Inc. (OWL) announced Monday a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC, a. 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. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. 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. 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 . The question is whether STOR's multiple will rise after rate increases. September 2021 ", 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. You can sign up for additional alert options at any time. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. 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). Oak Street offers a unique. First, it has a lot of properties - just over 3,000 as of the end of the last reporting period. Our Mission Past performance is not a guide to future results. Records the default button state of the corresponding category & the status of CCPA. 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 . Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. As a company valued everyday by the stock market, that matters. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Is this happening to you frequently? Overnight on Wall Street is morning in Europe. ", 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. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Why? In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak. At Blue Owl, we promise to treat your data with respect and will not share your information with any third party. 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 private equity firm could buy up to $2 billion worth of the. Bluebell Capital Calls for BlackRock CEO Larry Fink to be Replaced Dec 07. Please disable your ad-blocker and refresh. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. 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. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Mr. Hampton founded Oak Street Capital in 2003. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? All rights reserved. How has Blue Owl garnered so much capital? The stock price certainly hasn't. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, would, should, future, propose, target, goal, objective, outlook and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . 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. 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 I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. 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. t{^n.5.4|{yZ|YOOwu yM^Fg( Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. 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. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. 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 . I wrote this article myself, and it expresses my own opinions. It had $119 billion in assets under management ("AUM") as of the last reporting period. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com. <> Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. 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. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. Oak Street structured a $210M , five-building sale-leaseback last December from insurance giant MetLife, totaling 1.3M SF. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. That ties O and beats SRC's 28%. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Private equity firm Oak Street Real Estate Capital LLC has reportedly made a bid to acquire around $2 billion worth of property from Kohl's, Reuters reported on Friday. 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