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Blackstone Real Estate Partners X has successfully acquired all outstanding common shares of Retail Opportunity Investments Corp. (ROIC), a San Diego-based shopping center REIT, for $17.50 per share in an all-cash transaction valued at approximately $4 billion, including existing debt.
The acquisition was first announced in November and includes ROIC’s portfolio of 93 West Coast properties totaling 10.5 million square feet. According to Jacob Werner, co-head of Americas acquisitions at Blackstone Real Estate, this deal reflects their confidence in necessity-based shopping centers anchored by grocery stores located in densely populated areas.
J.P Morgan acted as the exclusive financial advisor for ROIC while Clifford Chance US LLP served as their legal counsel. On the other hand, Blackstone received financial advice from Morgan Stanley & Co., BofA Securities, Citigroup,Wells Fargo Newmark and Eastdil Secured with Simpson Thacher & Bartlett LLP serving as their legal counsel.
One notable property included in ROIC’s portfolio is Ballinger Village located in Shoreline WA (pictured).
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