You must click the activation link in order to complete your subscription. Zahr and Hennessey compare the offer to corporate sale-leaseback . They were involved in Franchise Group's (FRG) bid for Kohl's (KSS), for example. Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. 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. Our Mission All Rights Reserved. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Your single source for commercial real estate consulting and financing. You can sign up for additional alert options at any time. By clicking Accept, you consent to our use of cookies. Since the deal is all cash, another buyer must improve on the $32.25 to be feasible. 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 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. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. AED4+X(( September 2021 . 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. Managing Director, Chief Product Officer and Global Head of Client Relations. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. STOR's credit metrics are all slightly better than the BBB+ (that's three notches into investment grade territory) peer averages. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. Oak Street Real Estate Capital is a diversified real estate investment firm. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Oak Street Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. Analytical cookies are used to understand how visitors interact with the website. A new report from proptech company Visual Lease digs into what corporate CRE executives are planning. I wrote this article myself, and it expresses my own opinions. $32.25 - 43.5 is $31.815. The net proceeds from the issuance of the Notes will be used to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes, including potential acquisitions. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The #1 Service For Safe and Reliable REIT Income. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. 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 . It is delivered on an as is basis without warranty or liability. Markets never sleep, and neither does Bloomberg News. With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. 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. Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owls ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owls business and additional factors described in the RiskFactors section of our filings with the Securities and Exchange Commission (SEC). STOR's leverage based on long-term debt as of the end of Q2 was 41%. 4 0 obj Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. 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. <> Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. "Illini Angels" is recruiting . 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 xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y Nothing to lose with our FREE 2-week trial. Blue Owl is buying Oak Street and its investment advisory business for $950m by offering a combination of cash and Blue Owl common units. Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. 41 + 2.5 is 43.5 cents. (Again, the true price is less than $32.25 adjusting for suspended dividends.). From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. The firm IPO'd in 2014, and that's a date we should keep in mind. Overnight on Wall Street is morning in Europe. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. 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. Doug Ostrover, Co-Founder and CEO of Blue Owl, said: "We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. Los Angeles. 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. Ut enim ad minim veniam. The market, however, appears concerned that rents will keep up with inflation. O's is 13,000 sq ft vs. 26,000 for SRC and 35,000 for STOR. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Well, it might, if things stabilize and investment AFFO spreads revert. Barsha Heights. 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). Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. %PDF-1.7 Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). The firm focuses on structuring. 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. 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 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 Capital is your single source for major real estate consulting and financing. STOR's model is primarily a single-tenant triple net lease. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. 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. Disclosure: WER is long STOR and OWL and short STOR put options. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. This cookie is set by GDPR Cookie Consent plugin. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Blue Owl Capital Inc. Fourth Quarter 2022 Results, Blue Owl Capital Inc. to Present at the Bank of America Financial Services Conference 2023. 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. 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. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. endobj 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. <> Again, this is not really at $32.25 as I pointed out. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Oak Street Real Estate Capital is a diversified real estate investment firm. Monitor your investments 24 hours a day, around the clock from around the globe. For more information, please visit us atwww.blueowl.com. Sep 2015 - Present7 years 6 months. Marc received a B. 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 . x\Te. URBANA The University of Illinois' venture-capital arm is building a network of alumni investors to help grow campus-borne businesses from the ground floor. 21917 Rock Wren Rd Copyright 2023 ALM Global, LLC. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street's Chicago office is now an additional office for Blue Owl. Been classified into a category as yet Safe and Reliable REIT Income 's below the high. Hours a day, around the globe on the $ 32.25 as i pointed out in real... 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