Blackstone has announced its acquisition of Retail Opportunity Investments Corp. (ROIC) in a deal valued at approximately $4 billion. The all-cash transaction, set at $17.50 per share, marks a substantial premium of 34% over ROIC's closing share price on July 29, 2024, just before rumors of a potential sale began circulating.
ROIC's portfolio includes 93 high-quality, grocery-anchored retail properties, spanning 10.5 million square feet across prime West Coast locations such as Los Angeles, Seattle, San Francisco, and Portland. This acquisition aligns with Blackstone's strategy to invest in necessity-based retail centers in densely populated areas.
"The sector is experiencing accelerating fundamentals, benefiting from nearly a decade of virtually no new construction, while demand for brick-and-mortar grocery stores, restaurants, fitness and other lifestyle retailers remains healthy," said Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate.
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