H
ONOLULU – Alexander & Baldwin (A&B), Hawaii’s largest owner of grocery‑anchored shopping centers, announced Monday it will be sold in an all‑cash deal worth roughly $2.3 billion. The buyer is a joint venture of MW Group and funds linked to Blackstone Real Estate and DivcoWest, which will pay $21.20 per share, a 40 % premium over the December 8 close.
A&B’s portfolio totals about 4 million square feet of commercial space, comprising 21 retail centers, 14 industrial sites, four office buildings, and fee interests in 146 acres of ground‑lease assets. “For 155 years, A&B has grown alongside Hawaii, shaped by the people, values and communities that define these islands,” said President and CEO Lance Parker. “With the deep real‑estate expertise of our new owners, we’ll be better positioned to serve tenants and communities.”
The transaction will keep A&B’s name, brand and Honolulu headquarters, and the company will remain led by a Hawaii‑based management team. “We’re pleased to reach this agreement, which delivers immediate, certain value to shareholders while strengthening A&B’s ability to serve diverse communities across Hawaii,” said Board Chairman Eric Yeaman.
MW Group plans to invest over $100 million to upgrade the portfolio. “As a Hawaii‑grown company founded over 35 years ago, we’ve seen firsthand the community contributions and lasting value that Alexander & Baldwin has created across generations,” said MW Group CEO Stephen Metter. Blackstone Real Estate, which owns properties such as Grand Wailea, The Ritz‑Carlton Maui, Kapalua, Turtle Bay, Hilton Hawaiian Village, Pearlridge Center and Oahu rental housing, added: “We’re excited to deepen our commitment to Hawaii and support its local businesses.” David Levine, co‑head of Americas Acquisitions for Blackstone Real Estate, echoed this sentiment.
The A&B Board unanimously approved the deal, expected to close in Q1 2026, subject to shareholder approval and customary conditions. Upon completion, A&B shares will be delisted from the NYSE. The Board also approved a Q4 2025 dividend of $0.35 per share, payable Jan 8 2026 to shareholders of record as of Dec 19; the per‑share purchase price will be adjusted to reflect this dividend. BofA Securities acted as exclusive financial advisor; Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP provided legal counsel.
