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lackstone and Retail Opportunity Investments Corp. (ROIC) have entered into a definitive agreement for Blackstone Real Estate Partners X to acquire all outstanding common shares of ROIC in an all-cash transaction valued at approximately $4 billion, including debt. The purchase price is $17.50 per share, representing a 34% premium over ROIC's closing share price on July 29, 2024.

    ROIC's portfolio consists of 93 high-quality grocery-anchored retail properties totaling 10.5 million square feet in Los Angeles, Seattle, San Francisco, and Portland. The acquisition reflects Blackstone's confidence in necessity-based shopping centers in densely populated areas with accelerating fundamentals and strong demand for brick-and-mortar retailers.

    "We are pleased to reach this agreement with Blackstone," said Stuart A. Tanz, President and Chief Executive Officer of ROIC. "This transaction will provide significant value to our stakeholders." The transaction has been approved by ROIC's Board of Directors and is expected to close in the first quarter of 2025, subject to customary closing conditions.

    The acquisition marks a culmination of ROIC's commitment over the past 15 years, with Blackstone poised to position the portfolio for continued growth and success. "This transaction reflects our strong conviction in grocery-anchored shopping centers," said Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate.