oak street real estate capital ceooak street real estate capital ceo

Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Please. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. 1 0 obj 41 + 2.5 is 43.5 cents. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H What does this mean for CRE professionals? from 8 AM - 9 PM ET. For more information, please visit us at www.blueowl.com. 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. All rights reserved. But opting out of some of these cookies may affect your browsing experience. For more information, please visit us at www.blueowl.com. 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. Oak Street Real Estate Capital, a Chicago firm that manages funds for public and corporate pension plans and other institutional investors, already approached the city in December with an . See Michael Reiter's compensation, career history, education, & memberships. x\Te. Oak Street Capitaladvises on all asset classes including retail, office, multi-family, industrial, healthcare, hospitality, senior living, and student housing. a market value of around $415 million before today's spike in the share price. 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, 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. Disclosure: WER is long STOR and OWL and short STOR put options. Oak Street has been very active in the public REIT M&A space. Already have an account? Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 2017-2023 Oak Street Capital, LLC. The valuation associated with it earns a "fair" classification from us, and while one can argue it should be slightly higher (STOR shareholders) or lower (OWL shareholders), it isn't unreasonable. 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'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. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. I am not receiving compensation for it (other than from Seeking Alpha). The retailer sold 2.1 . The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. 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. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. <> These cookies will be stored in your browser only with your consent. 99.5% occupancy as of the end of Q2 is also difficult to beat. Oak Street Real Estate Capital has been one of the fastest growing managers in the private real estate space this past decade. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Chris Ahn. The transaction was previously announced in October of 2021. 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. The cookie is used to store the user consent for the cookies in the category "Analytics". The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 (Remember that we also upgraded STOR to a Strong Buy in 2017 weeks before Berkshire purchased the initial tranche.). The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. His extensive experience includes debt refinancing and restructuring, mezzanine loan executions, preferred and joint venture equity, private equity. endobj It's not complicated - performance is strong and consistent. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. 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. Well, it might, if things stabilize and investment AFFO spreads revert. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. Monitor your investments 24 hours a day, around the clock from around the globe. Again, this is not really at $32.25 as I pointed out. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. STOR strikes a great balance of a large, established platform that isn't too big. . We know the company well and have written about it many times over the years. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Oak Street's Chicago office is now an additional office for Blue Owl. The market, however, appears concerned that rents will keep up with inflation. Our Mission Find new & featured property located in your local city. 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. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. Oak Street has agreed to purchase and lease to GPM real estate associated with acquisitions of convenience store brands and fueling stations. 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. 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. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). It works only in coordination with the primary cookie. The firm was founded in 2009 and headquartered in Chicago, Illinois. 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. Your article was successfully shared with the contacts you provided. (See our deep dive on Blackstone's private REIT here.). 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 . After submitting your request, you will receive an activation email to the requested email address. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. All Rights Reserved. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Blue Owl was formed through a combination of Owl Rock, a lender to middle-market and upper-middle-market . We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. As mentioned in that article, Berkshire Hathaway owns 14.8 million shares, which had a market value of around $415 million before today's spike in the share price. Set by addthis.com to determine the usage of addthis.com service. 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). 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. Find Michael's email address, mobile number, work history, and more. Oak Street's Chicago office is now an additional office for Blue Owl. AddThis sets this cookie to track page visits, sources of traffic and share counts. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. But Oak Street's losses rose nearly 40% to $376.2 million over the same period. These cookies ensure basic functionalities and security features of the website, anonymously. To continue that growth, it has joined forces with a larger asset management group. 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. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Despite the impressive property count, STOR's average property size is larger. The firm focuses on structuring. Think 2008 -2020. 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. This cookie is set by GDPR Cookie Consent plugin. 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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 . Our typical financing zone ranges from from $5M to $500M. 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. (Again, the true price is less than $32.25 adjusting for suspended dividends.). endobj (Brad Thomas targets 75% probability of acceptance.). Chicago-headquartered Oak Street Real Estate Capital is the only newcomer to land in the PERE 100's top 20. Marketing and Client Relations. About Oaktree. Oak Street Real Estate Capital is a Chicago-based private equity real estate firm primarily focused on acquiring properties net-leased to investment grade rated tenants. This article was coproduced with Williams Equity Research ('WER'). Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. 4 0 obj Oak Street, a Chicago-based investment firm, contacted SpartanNash last month to reiterate its interest in buying real estate from the company worth up to $1 billion, shortly after two. 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 is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. Is this happening to you frequently? Ut enim ad minim veniam. 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 But they eventually overcorrect. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. By clicking Accept, you consent to our use of cookies. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. As per the report, Oak . Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. The firm was founded in 2009 and headquartered in Chicago, Illinois. An old trick of buying a company with its own cash flow from operations. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. 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. 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 specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. It does not store any personal data. NEW YORK and CHICAGO, Dec. 30, 2021 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC ("Oak Street") and its investment advisory business. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . Oak Street manages both commingled funds and separate accounts on. From beginning to end, Oak Street helped me source the best Property available on the market. Retailers faced a wide range of challenges in 2022. Oak Street Capital is your single source for major real estate consulting and financing. 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. 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. These cookies track visitors across websites and collect information to provide customized ads. $32.25 - 43.5 is $31.815. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. These elements explain why Blue Owl is both interested in STOR and at $32.25 per share, but two key questions remain: Is it good for STOR shareholders and what's the probability of obtaining a better price? In addition, upon the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately$650 million, payable in cash at future dates or in Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units subject to vesting). 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