Asset manager Blue Owl expands into real estate financing with $170 million deal

- Alternative asset manager Blue Owl Capital said on Tuesday it will buy Prima Capital Advisors for $170 million to expand into real estate financing, a market that traditional banks have been retreating from since last year.

"There is a growing lack of capital availability in real estate today," Blue Owl co-CEOs Doug Ostrover and Marc Lipschultz said in a statement.The Prima deal is expected to close in the second or third quarter of 2024 and will be financed with $157 million of equity and $13 million in cash. Blue Owl's shares have gained nearly 32% this year, outperforming asset management giants Blackstone and BlackRock and allowing it the flexibility to use its stock as currency for acquisitions.

What do you do if the US stock market suddenly drops by 25%? The late founder of Vanguard Group’s sage advice

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Blue Owl to Buy Kuvare Asset Management in Latest Insurance DealBlue Owl Capital Inc. has agreed to buy Kuvare Asset Management, the latest deal to underline a push by private-markets investment firms to tap pools of assets in the insurance market.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Blue Owl Capital to Acquire Kuvare Asset Management for $750 MillionAlternative asset manager Blue Owl Capital is set to acquire Kuvare Asset Management in a cash-and-stock deal worth $750 million. This acquisition will add up to $20 billion to Blue Owl's assets under management and highlights the increasing demand for life insurance assets from investment firms.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »