Blackstone Real Estate Completes Privatization of Retail Opportunity Investments Corp. for $4 Billion
Blackstone (NYSE: BX) has completed its acquisition of Retail Opportunity Investments Corp. (ROIC) in an all-cash transaction valued at approximately $4 billion, including outstanding debt. The deal, which was announced on November 6, 2024, involves Blackstone purchasing all outstanding common shares of ROIC at $17.50 per share.
The transaction was facilitated by multiple financial advisors, with J.P. Morgan serving as ROIC's exclusive financial advisor, while Blackstone was supported by Morgan Stanley & Co. , BofA Securities, Citigroup, Wells Fargo, Newmark, and Eastdil Secured. Legal counsel was provided by Clifford Chance US LLP for ROIC and Simpson Thacher & Bartlett LLP for Blackstone.
Blackstone (NYSE: BX) ha completato l'acquisizione di Retail Opportunity Investments Corp. (ROIC) in una transazione interamente in contante del valore di circa 4 miliardi di dollari, inclusi i debiti in sospeso. L'accordo, annunciato il 6 novembre 2024, prevede che Blackstone acquisti tutte le azioni ordinarie in circolazione di ROIC a 17,50 dollari per azione.
La transazione è stata facilitata da diversi consulenti finanziari, con J.P. Morgan che ha svolto il ruolo di consulente finanziario esclusivo per ROIC, mentre Blackstone è stata supportata da Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark e Eastdil Secured. Il supporto legale è stato fornito da Clifford Chance US LLP per ROIC e da Simpson Thacher & Bartlett LLP per Blackstone.
Blackstone (NYSE: BX) ha completado su adquisición de Retail Opportunity Investments Corp. (ROIC) en una transacción completamente en efectivo valorada en aproximadamente 4 mil millones de dólares, incluyendo la deuda pendiente. El acuerdo, que fue anunciado el 6 de noviembre de 2024, implica que Blackstone compre todas las acciones ordinarias en circulación de ROIC a 17,50 dólares por acción.
La transacción fue facilitada por varios asesores financieros, siendo J.P. Morgan el asesor financiero exclusivo de ROIC, mientras que Blackstone recibió apoyo de Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark y Eastdil Secured. El asesoramiento legal fue proporcionado por Clifford Chance US LLP para ROIC y por Simpson Thacher & Bartlett LLP para Blackstone.
블랙스톤 (NYSE: BX)은 리테일 오퍼튜니티 인베스트먼트 코퍼레이션 (ROIC)의 인수를 약 40억 달러에 해당하는 현금 거래로 완료했습니다. 이 거래는 2024년 11월 6일 발표되었으며, 블랙스톤은 ROIC의 모든 보통주를 주당 17.50 달러에 구매하게 됩니다.
이번 거래는 여러 금융 자문사의 도움으로 이루어졌으며, J.P. Morgan이 ROIC의 독점 금융 자문사로 활동했고, 블랙스톤은 Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark 및 Eastdil Secured의 지원을 받았습니다. 법률 자문은 ROIC를 위해 Clifford Chance US LLP가, 블랙스톤을 위해 Simpson Thacher & Bartlett LLP가 제공했습니다.
Blackstone (NYSE: BX) a finalisé son acquisition de Retail Opportunity Investments Corp. (ROIC) dans le cadre d'une transaction entièrement en espèces d'une valeur d'environ 4 milliards de dollars, y compris la dette en cours. L'accord, annoncé le 6 novembre 2024, implique que Blackstone achète toutes les actions ordinaires en circulation de ROIC à 17,50 dollars par action.
La transaction a été facilitée par plusieurs conseillers financiers, J.P. Morgan ayant agi en tant que conseiller financier exclusif pour ROIC, tandis que Blackstone a été soutenue par Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark et Eastdil Secured. Le conseil juridique a été assuré par Clifford Chance US LLP pour ROIC et par Simpson Thacher & Bartlett LLP pour Blackstone.
Blackstone (NYSE: BX) hat die Übernahme von Retail Opportunity Investments Corp. (ROIC) in einer vollständig bar bezahlten Transaktion im Wert von etwa 4 Milliarden Dollar abgeschlossen, einschließlich ausstehender Schulden. Der Deal, der am 6. November 2024 bekannt gegeben wurde, umfasst den Kauf aller ausstehenden Stammaktien von ROIC zu 17,50 Dollar pro Aktie.
Die Transaktion wurde von mehreren Finanzberatern unterstützt, wobei J.P. Morgan als exklusiver Finanzberater für ROIC fungierte, während Blackstone von Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark und Eastdil Secured unterstützt wurde. Rechtliche Beratung erhielt ROIC von Clifford Chance US LLP und Blackstone von Simpson Thacher & Bartlett LLP.
- Successful completion of $4 billion acquisition deal
- All-cash transaction providing immediate liquidity to shareholders
- Premium price offering of $17.50 per share
- ROIC shareholders lose future growth potential as company goes private
Insights
The $4 billion privatization of Retail Opportunity Investments Corp. by Blackstone represents a strategic expansion of BX's real estate portfolio, particularly noteworthy given ROIC's focus on grocery-anchored shopping centers in high-density coastal markets. This acquisition aligns with Blackstone's value-add strategy in the real estate sector, where they typically identify assets with strong fundamentals but potential for operational improvements.
The transaction's structure as an all-cash deal demonstrates Blackstone's substantial liquidity position and confidence in the retail real estate sector, particularly in necessity-based retail properties that have shown resilience during economic downturns. The $17.50 per share purchase price reflects a premium to ROIC's trading price, indicating Blackstone's strong conviction in the portfolio's underlying value and growth potential.
This acquisition is particularly strategic as it provides Blackstone with immediate scale in the grocery-anchored retail segment, a subsector known for stable cash flows and recession resistance. The deal represents approximately 3.2% of Blackstone's market capitalization, making it a meaningful yet manageable transaction that could generate significant returns through operational improvements and strategic repositioning.
The involvement of multiple top-tier financial advisors, including Morgan Stanley, BofA Securities, and Citigroup, underscores the deal's complexity and importance. This transaction strengthens Blackstone's position in the retail real estate sector and provides opportunities for value creation through professional management, operational efficiencies, and potential redevelopment opportunities within ROIC's portfolio.
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 transaction was announced on November 6, 2024.
About Retail Opportunity Investments Corp.
Retail Opportunity Investments Corp. is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of September 30, 2024, ROIC owned 93 shopping centers encompassing approximately 10.5 million square feet. ROIC is the largest grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC has investment-grade corporate debt ratings from Moody’s Investor Services, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US
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ROIC
Nicolette O’Leary, Investor Relations
858-677-0900
noleary@roireit.net
Blackstone
Claire Keyte
(646) 482-8753
Claire.Keyte@Blackstone.com
Source: Blackstone
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