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Blackstone Closes $4B Privatization of Shopping Center REIT
Updated with additional information)
(Blackstone Real Estate Partners X has completed its previously announced acquisition of all outstanding common shares of San Diego-based shopping center REIT Retail Opportunity Investments Corp. (ROIC) for $17.50 per share. The all-cash transaction is valued at approximately $4 billion, including outstanding debt.
The deal for ROIC, whose portfolio includes 93 West Coast properties totaling 10.5 million square feet, was first announced this past November. “This transaction reflects our strong conviction in necessity-based, grocery-anchored shopping centers in densely populated geographies,” Jacob Werner, co-head of Americas acquisitions at Blackstone Real Estate, said when the acquisition was announced.
J.P. Morgan acted as ROIC’s exclusive financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. Morgan Stanley & Co. LLC, BofA Securities, Citigroup, Wells Fargo, Newmark and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. The Newmark team included co-head of U.S. Capital Markets Doug Harmon, head of Retail Capital Markets for North America Conor Lalor, co-head of Global Debt & Structured Finance Jordan Roeschlaub and co-head of Strategic Advisory & Liquidity Solutions Andrew Warin.
Pictured: ROIC’s Ballinger Village in Shoreline, WA.
- ◦Sale/Acquisition
