$4B Blackstone Retail Deal Gets Green Light
Retail Opportunity Investments Corp.’s shareholders have approved the proposed merger with Blackstone Real Estate Partners X. The all-cash deal, valued at about $4 billion, is expected to close this week.
ROIC and Blackstone affiliates had entered the merger agreement back in November, under which Blackstone would acquire all outstanding shares of ROIC’s common stock at $17.50 per share.
The transaction represents a 34 percent premium over ROIC’s closing share price in July 2024. The REIT’s portfolio included 93 grocery-anchored retail properties totaling around 10.5 million square feet across Los Angeles, San Francisco, Seattle and Portland, Ore., at the end of September.
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The deal will involve a two-phase process. First, Montana Merger Sub II LLC will merge with ROIC’s operating partnership, Retail Opportunity Investments Partnership LP, according to the Trading Calendar. Then, Montana Merger Sub I Inc. will merge with ROIC, which will remain under Blackstone’s control.
The agreement also includes measures for handling ROIC’s restricted stock awards and long-term incentive program units, ensuring that eligible employees receive fair compensation as the company undergoes a change in ownership.
In another major transaction, Blackstone has sold a 21-building, 2.1 million-square-foot last-mile logistics portfolio to Goldman Sachs Alternatives and Dalfen Industrial for $293 million.
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