Blackstone Real Estate Partners has announced a definitive agreement to acquire Retail Opportunity Investments (ROIC) in an all-cash transaction valued at approximately $4 billion, inclusive of outstanding debt. ROIC owns a portfolio of 93 properties spanning 10.5 million square feet across Los Angeles, Seattle, San Francisco, and Portland. The acquisition has been approved by ROIC's Board of Directors and is expected to close in the first quarter of 2025, pending shareholder and customary approvals.
Blackstone, a global leader in real estate investing with $325 billion in investor capital under management, emphasized the strategic value of ROIC’s portfolio in densely populated markets with high demand for grocery-anchored retail centers. Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate, noted the sector's strong fundamentals driven by limited new construction and robust demand for essential retail. J.P. Morgan advised ROIC, while Blackstone’s legal and financial guidance came from Simpson Thacher & Bartlett LLP, BofA Securities, Morgan Stanley, and others. ROIC’s CEO Stuart A. Tanz expressed confidence in Blackstone’s capacity to drive the portfolio’s growth and continued success.
