oak street real estate capital ceo

Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Assuming 6%+, which is below their reported AFFO growth, that's 2.5 cents a share, or equal to the 2021 increase. About Blue OwlBlue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. Find new & featured property located in your local city. ExodusPoint Capital Management LP cut its holdings in shares of Oak Street Health, Inc. (NYSE:OSH - Get Rating) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission.The fund owned 23,944 shares of the company's stock after selling 7,820 shares during the period. 3 0 obj 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. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Please. This cookie is set by GDPR Cookie Consent plugin. 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. We specialize in REITs and high-quality dividend companies. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 2017-2023 Oak Street Capital, LLC. 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). Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 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. <> I wrote this article myself, and it expresses my own opinions. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. 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. The firm was founded in 2009 and headquartered in Chicago, Illinois. Think 2008 -2020. The 51% and 93% compound annual growth rate in fee-paying AUM and fee related earnings, respectively, demonstrates the immense success they've had in that market. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. endstream 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. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. 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). 14 times to 15) for a share price around $35 - but no higher. Why? The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. 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. See Michael Reiter's compensation, career history, education, & memberships. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. First, investors had anticipated a dividend increase for Q3. An old trick of buying a company with its own cash flow from operations. The retailer sold 2.1 . 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. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . 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. "Illini Angels" is recruiting . (Note: BRK-A has reduced its stake in STOR as of Q2-22.). STOR strikes a great balance of a large, established platform that isn't too big. 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 week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. 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 also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche, BRK-A has reduced its stake in STOR as of Q2-22, Nothing to lose with our FREE 2-week trial. 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. I am not receiving compensation for it (other than from Seeking Alpha). Oak Street Real Estate Capital is a diversified real estate investment firm. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. 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 STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . 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. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. Managing Director, Chief Product Officer and Global Head of Client Relations. Our Mission Chris Ahn. I have no business relationship with any company whose stock is mentioned in this article. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. 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 . 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. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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. The firm had approximately$62.4 billionof assets under management as ofJune 30, 2021. Zahr and Hennessey compare the offer to corporate sale-leaseback . The reason for the high square footage lies in manufacturing facilities that STOR owns. But opting out of some of these cookies may affect your browsing experience. Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H 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). The cookie is used to store the user consent for the cookies in the category "Analytics". 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. 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. Just like Buffett, we've been aggressive buyers of shares when the stock has a steep decline. If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. 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. 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. 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). Oak Street Real Estate Capital is a diversified real estate investment firm. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Oak Street, a division of Blue Owl, a Chicago-based firm, and Singapore-headquartered GIC announced today the completion of the previously announced acquisition of all of the. Alternative asset manager Blue Owl Capital has agreed to acquire Oak Street Real Estate Capital for $950 million. Oak Street Capital LLC Oak Street operate to the most professional standards. 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Down markedly in 2022 and we recently upgraded STOR to a Strong Buy - 's... Oak Street Real Estate firm based in Chicago that focuses on structuring sale-leasebacks,.! & featured property located in your local city share price around $ 35 - but no higher few can... These cookies may affect your browsing experience ) for a share price around $ 35 - but higher... But opting out of some of these cookies may affect your browsing.! Holding convenience store brands and fueling stations and Lease it to GPM.! The products, services, information and/or materials contained within these web pages may be! $ 62.4 billionof assets under management as ofJune 30, 2021, career history, education, amp! Price around $ 35 - but no higher nearly 11,500 properties, that! 2009 and headquartered in Chicago that focuses on structuring sale-leasebacks and double EPRT its cash.
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