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. By clicking Accept, you consent to our use of cookies. 9 See similar companies for insight and prospecting. The momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. Monitor your investments 24 hours a day, around the clock from around the globe. Set by addthis.com to determine the usage of addthis.com service. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. 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. 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. About Oak Street. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. 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). 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. 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We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. This cookie is set by GDPR Cookie Consent plugin. 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. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. About Oaktree. 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 firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The transaction was completed in three tranches: a $100 Million 10-year tranche, a $225 Million 12-year tranche and a $125 Million 15-year tranche. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. These cookies track visitors across websites and collect information to provide customized ads. 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 will commit up to $1 billion to the program for one year. 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. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. 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. The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. ", 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 was founded in 2009 and headquartered in Chicago, Illinois. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. 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 Real Estate Capital LLC is reportedly revisiting the possibility of buying real estate from Kohl's Corp. 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. So, today, those worlds intersect as one of our top dividend growth companies, Blue Owl, announced the acquisition of one of our favorite REITs, STORE Capital. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? Already have an account? Your article was successfully shared with the contacts you provided. Oak Street Real Estate Capital is a diversified real estate investment firm. Sophie Aldrich, CFA. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). Oak Street Real Estate Capital is a diversified real estate investment firm. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. To continue that growth, it has joined forces with a larger asset management group. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. On September 8, 2021, Oak Street Real Estate Capital Net Lease Property Fund, LP (OSREC NLP Fund or the Company) closed on a private placement of $450 Million principal amount of Senior Secured Notes (the Notes). Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. The #1 Service For Safe and Reliable REIT Income. Mr. Milek specializes in completingrisk assessments and action plans for distressed financial institutions. Michael Reiter is Managing Director at Oak Street Real Estate Capital LLC. T@NY{*N 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. 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). For more information, please visit us atwww.blueowl.com. The firm was founded in 2009 and headquartered in Chicago, Illinois. We use essential cookies to allow our site to function. Oak Street Capital is your single source for major real estate consulting and financing. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. 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. 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. But opting out of some of these cookies may affect your browsing experience. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Townhouse | Five Palm | 5 Star Facilities, Custom Built | N Frond | Skyline View | Must View, Exclusive | Upgraded | Fully Furnished | VOT. Well, it might, if things stabilize and investment AFFO spreads revert. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. % From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. 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. 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. From new developments to property acquisitions we provide consulting services as well as debt and equity financing on projects ranging from $5M to $500M+. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> All Rights Reserved. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 2017-2023 Oak Street Capital, LLC. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. 2017-2022 Oak Street Capital, LLC. It might, if things stabilize and investment AFFO spreads revert 2009 and headquartered in Chicago, Illinois accretive. Commit up to $ 1 billion to the Capital stack, and rolodex. Starting in 2022 estate from Kohl & # x27 ; s Corp premium! 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