I (Williams Equity Research) analyzed several of Owl Rock's private offerings on behalf of large institutional investors and know the management team well. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Oak Street Real Estate Capital is a diversified real estate investment firm. We specialize in REITs and high-quality dividend companies. . This cookie is set by GDPR Cookie Consent plugin. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Necessary cookies are absolutely essential for the website to function properly. Our Mission 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. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. How has Blue Owl garnered so much capital? Oak Street Real Estate Capital is a diversified real estate investment firm. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. Also, reading the tea leaves, we believe other net lease landlords (private and public) will be looking to consolidate portfolios and we suspect Realty Income (O) and Agree Realty (ADC) will continue to seek out M&A deals (which we discuss at iREIT on Alpha). <> Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. When typing in this field, a list of search results will appear and be automatically updated as you type. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. 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. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). 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. 41 + 2.5 is 43.5 cents. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. Past performance is not a guide to future results. AddThis sets this cookie to track page visits, sources of traffic and share counts. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H The cookie is used to store the user consent for the cookies in the category "Other. But opting out of some of these cookies may affect your browsing experience. These cookies ensure basic functionalities and security features of the website, anonymously. 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. September 2021 The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. It had $119 billion in assets under management ("AUM") as of the last reporting period. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. I have no business relationship with any company whose stock is mentioned in this article. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. 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 Real Estate Capital is a diversified real estate investment firm. That ties O and beats SRC's 28%. ", 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. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. 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. 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. Our typical financing zone ranges from from $5M to $500M. These cookies will be stored in your browser only with your consent. For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. 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Ut enim ad minim veniam. About Oaktree. 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). 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. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. 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. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. About Us Financing Areas Contact Us The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. 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 . 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. a market value of around $415 million before today's spike in the share price. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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 . 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I am not receiving compensation for it (other than from Seeking Alpha). Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. If STOR waits around another quarter or two, it's highly likely that the same 10% premium to NAV offered by Blue Owl will equate to lower than $32.25 per share. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. The transaction was previously announced in October of 2021. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. Office 1005, 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. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. What does this mean for CRE professionals? Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. 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. As a company valued everyday by the stock market, that matters. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Oak Street Real Estate Capital is a diversified real estate investment firm. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. <> 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 transaction was previously announced in October of 2021. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Spicewood, TX 78669, Tel: +1 (312) 731-3391 Announces $12.9 Billion Final Close for Dyal Capital Partners V, Owl Rock leads $401 million financing for Arctic Wolf. DFIN was Jason Clucas on LinkedIn: GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital 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 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 . Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. The cookie is used to store the user consent for the cookies in the category "Analytics". Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. 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