Blackstone is in discussions to acquire Retail Opportunity Investments Corp (ROIC), a REIT that specializes in shopping centers, according to sources familiar with the matter who spoke exclusively with Reuters.
ROIC, which owns and operates 85 shopping centers primarily in coastal areas of the western United States, has a market value of approximately $1.5 billion. But its shares have lost more than 10% of their value in the last 12 months, making it an attractive acquisition target. The company's portfolio focuses on necessity-based retail properties anchored by supermarkets.
The potential deal is still in its early stages, and there is no certainty that an agreement will be reached. Both Blackstone and ROIC have declined to comment on the matter.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
