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Alexander & Baldwin Taken Private in All-Cash $2.3B Deal
Alexander & Baldwin (A&B), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, said Friday that a joint venture formed by an affiliate of MW Group and funds affiliated with Blackstone Real Estate and DivcoWest has completed its all-cash acquisition of the company for approximately $2.3 billion, including the assumption of outstanding debt. A&B shareholders approved the privatization at a meeting earlier in the week.
Now known as Alexander & Baldwin Holdings following its delisting, A&B is the largest owner of grocery-anchored shopping centers in Hawai‘i. The company’s portfolio includes approximately four million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, along with fee interests in 146 acres of ground lease assets.
“For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands,” said Lance Parker, president and CEO of A&B, when the acquisition was announced this past December. “As a private company supported by the deep real estate expertise and experience of our new ownership group, A&B will have greater capacity to serve its tenants and communities.”
Pictured: A&B’s Ho’okele Shopping Center in Kahului, HI.
- ◦Sale/Acquisition
