Marc Zahr, Oak Street Real Estate Capital LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene,. Los Angeles. 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). Zahr and Hennessey compare the offer to corporate sale-leaseback . This cookie is set by GDPR Cookie Consent plugin. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). This cookie is set by GDPR Cookie Consent plugin. Crombie REIT ( CRR-UN-T) will sell a majority non-managing interest in 15 additional grocery store-anchored retail properties across Canada to Oak Street Real Estate Capital of Chicago for $193 million. I have no business relationship with any company whose stock is mentioned in this article. 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. This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. We look forward to working closely together and are excited for what the future holds. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. . 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 aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 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. The firm was founded in 2009 and headquartered inChicago, Illinois. Please disable your ad-blocker and refresh. The firm was founded in 2009 and headquartered in Chicago, Illinois. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. (Note: BRK-A has reduced its stake in STOR as of Q2-22.). 2017-2023 Oak Street Capital, LLC. Oak. For more information, please visit us at www.blueowl.com. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Additionally, Mr. Milek has created risk rating systems,including the real time asset modeling & valuation models andhas extensive experience in developingloan policies and procedures. The reason for the high square footage lies in manufacturing facilities that STOR owns. 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). Oak Street Real Estate Capital is a diversified real estate investment firm. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. 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. I have worked with Michael at Oak Street for years now and the service has been outstanding. . x\Te. xT]o0}pIMk;*RvPT6:xnyqtnZ\`|y The cookies is used to store the user consent for the cookies in the category "Necessary". The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street Capitals mission as a financial advisory firm is to provide our clients with the best capital stack options for their commercial project or asset that optimizes their financial position and returns consistently. <> As per the report, Oak . But opting out of some of these cookies may affect your browsing experience. We use essential cookies to allow our site to function. Necessary cookies are absolutely essential for the website to function properly. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. ", 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. 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). Copyright 2023 ALM Global, LLC. Oak Street Real Estate managed $10.8 billion at the end of June, primarily in the sale-leaseback business. Why? 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. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. It's that real estate division - Oak Street Real Estate Capital - that's officially bidding on STOR. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. Investor ContactAnn DaiHead of Investor Relations[emailprotected], Media ContactProsek PartnersDavid Wells/Nick Theccanat[emailprotected], Cision Distribution 888-776-0942 Oak Street Real Estate Capital Katie Byrne Senior Manager WIPFLI Tracy Treger Principal Syndicated Equities William Exeter Chief Executive Officer Exeter 1031 Exchange Services Moderator. (Podcast), CEO/Mng Dir/Co-Founder, Oak Street Real Estate Capital LLC. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 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. Records the default button state of the corresponding category & the status of CCPA. 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 $2 billion worth of property from Kohl's, Reuters reported on Friday. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. All Rights Reserved. 7 0 obj To do that, we need to start with what differentiates STOR. Doug Ostrover, Co-Founder and CEO of Blue Owl, said: "We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. 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Oak Street Real Estate Capital is a diversified real estate investment firm. The firm IPO'd in 2014, and that's a date we should keep in mind. Spicewood, TX 78669, Tel: +1 (312) 731-3391 The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. These cookies track visitors across websites and collect information to provide customized ads. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). Download this eBook and learn how CRE professionals can proactively manage economic challenges by leveraging the power of data. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I Oak Street offers a unique. ", 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. All Rights Reserved. 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). And it said in a statement that it would use the proceeds from. 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. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Overnight on Wall Street is morning in Europe. See our latest interview with FRG's CEO here. 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. Think 2008 -2020. Oak Street manages both commingled funds and separate accounts on. 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. 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. Retailers faced a wide range of challenges in 2022. Start Your Free Trial Key Points Bed Bath & Beyond said it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital. For more information, please visit us at www.blueowl.com. 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. AddThis sets this cookie to track page visits, sources of traffic and share counts. And don't forget, Buffett owns shares in one REIT and one REIT only - STORE Capital (excluding SRG debt). Oak Street specialises in residential freehold communities throughout Dubai with a strong emphasis on operating to the highest professional and ethical standards. Office 1005, KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. April 21, 2021. This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.". Spicewood, TX 78669, Tel: +1 (312) 731-3391 O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. 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. STOR's weighted average lease term of 13.2 years also is excellent and only bested by EPRT's 13.8. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. Barsha Heights. Exclusive discounts on ALM and GlobeSt events. 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 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'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. Oak Street Real Estate Capital is a diversified real estate investment firm. 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. endobj 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. 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