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                              July 27, 2023

       Kevin Halleran
       Chief Financial Officer
       Blue Owl Real Estate Net Lease Trust
       30 N. LaSalle St., Suite 4140
       Chicago, IL 60602

                                                        Re: Blue Owl Real
Estate Net Lease Trust
                                                            Post-effective
Amendment No. 1 to Registration Statement on Form 10-12G
                                                            Filed June 26, 2023
                                                            File No. 000-56536

       Dear Kevin Halleran:

              We have reviewed your filing and have the following comment. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to the comment within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comment applies to your facts and circumstances, please tell us why in
your response.

              After reviewing your response and any amendment you may file in
response to
       the comment, we may have additional comments.

       Post-effective Amendment No. 1 to Form 10-12G

       Item 1. Business
       Share Repurchase Plan, page 28

   1.                                                   We acknowledge your
response and revised disclosures to prior comment 3, and note your
                                                        statement that you
intend to conduct repurchase offers under the New Repurchase Plan in
                                                        accordance with the
requirements of Rule 13e-4. We also note your disclosure that the
                                                        repurchase price that
will be equal to the NAV per share as of the valuation date will not
                                                        be available until
after the expiration of the applicable tender offer, so shareholders will
                                                        not know the exact
price of shares in the tender offer when they make a decision whether
                                                        to tender their shares.
We also note that shareholders are not able to withdraw their
                                                        request to tender
shares after the repurchase price is known, as that will occur following
                                                        the expiration of the
tender offer. Please explain to us how you expect to conduct your
                                                        New Repurchase Plan in
accordance with Rule 13e-4, and whether you expect to file a
 Kevin Halleran
Blue Owl Real Estate Net Lease Trust
July 27, 2023
Page 2
      Schedule TO for each repurchase.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       You may contact Mark Rakip at 202-551-3573 or Robert Telewicz at
202-551-3438 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Stacie Gorman at 202-551-3585 or Dorrie Yale at 202-551-8776 with any
other
questions.



                                                          Sincerely,
FirstName LastNameKevin Halleran
                                                          Division of
Corporation Finance
Comapany NameBlue Owl Real Estate Net Lease Trust
                                                          Office of Real Estate
& Construction
July 27, 2023 Page 2
cc:       Benjamin Wells, Esq.
FirstName LastName