{"id":1004736266,"date":"2024-11-06T12:54:50","date_gmt":"2024-11-06T20:54:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004736266"},"modified":"2024-11-07T06:03:55","modified_gmt":"2024-11-07T14:03:55","slug":"blackstone-to-acquire-retail-opportunity-investments-corp-for-4b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-retail-opportunity-investments-corp-for-4b\/","title":{"rendered":"Blackstone to Acquire Retail Opportunity Investments Corp. for $4B"},"content":{"rendered":"\n

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\"Head<\/a>
Jonathan Gray, president & COO of Blackstone. Image courtesy of Blackstone<\/em><\/figcaption><\/figure><\/div>\n\n\n

Blackstone Real Estate Partners X has entered an agreement with Retail Opportunity Investments Corp. to acquire all of its outstanding common shares and debt for $4 billion. The deal is set to be an all-cash transaction and represents a 34 percent premium to ROIC\u2019s closing share price in July of this year.<\/p>\n\n\n\n

ROIC\u2019s portfolio is made up of 93 grocery-anchored retail properties. They are located in Los Angeles, San Francisco, Seattle and Portland and total 10.5 million square feet.<\/p>\n\n\n\n

In prepared remarks, Jacob Werner, co-head of Americas acquisitions at Blackstone Real Estate, said that the deal reflects the company\u2019s bullish outlook on necessity-based, grocery-anchored retail. Specifically, the company is optimistic on demand for these types of assets in densely populated areas where there are very low levels of new supply.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Will CRE Market Conditions Improve?<\/a><\/p>\n\n\n\n

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Pending customary closing conditions, including the approval of Blackstone common stockholders, the deal is set to close in the first quarter of next year. ROIC\u2019s Board of Directors has already approved the transaction.<\/p>\n\n\n\n

ROIC\u2019s financial advisor was J.P. Morgan and its legal counsel was Clifford Chance US LLP. BofA Securities, Morgan Stanley & Co. LLC, Newmark and Eastdil Secured were Blackstone\u2019s financial advisors while Simpson Thacher & Bartlett LLP was the company\u2019s legal counsel.<\/p>\n\n\n\n

The deal is the latest in a series of major Blackstone real estate acquisitions this year. In April, the firm signed a $10 billion deal to acquire Apartment Income REIT. The portfolio comprised 76 multifamily communities primarily in coastal markets.<\/p>\n\n\n\n

Also, Blackstone-owned QTS expanded its presence<\/a> recently with plans for a 3 million-square-foot data center campus in Phoenix. It is set to include 16 buildings of 180,000 square feet each.  <\/p>\n","protected":false},"excerpt":{"rendered":"

The deal is the latest in a series of major moves by the company this year. <\/p>\n","protected":false},"author":3006,"featured_media":1004527531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1594,21742,28440,21749,1609,1610,15],"tags":[32892,51461],"class_list":["post-1004736266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-los-angeles","category-latest","category-portland","category-retail","category-san-francisco","category-seattle","category-west","tag-blackstone","tag-jacob-werner"],"acf":[],"yoast_head":"\nBlackstone to Acquire Retail Opportunity Investments Corp. for $4B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The ROIC portfolio totals 10.5 million square feet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-retail-opportunity-investments-corp-for-4b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Acquire Retail Opportunity Investments Corp. for $4B\" \/>\n<meta property=\"og:description\" content=\"The ROIC portfolio totals 10.5 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-retail-opportunity-investments-corp-for-4b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-06T20:54:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T14:03:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Gray-Jon_HIGH-RESOLUTION-800x620-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-retail-opportunity-investments-corp-for-4b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-retail-opportunity-investments-corp-for-4b\/\",\"name\":\"Blackstone to Acquire Retail Opportunity Investments Corp. for $4B - 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