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“ROIC Shopping Center Owner in Negotiations for Acquisition by Blackstone”

"ROIC Shopping Center Owner in Negotiations for Acquisition by Blackstone"

According to Reuters, Blackstone is currently in advanced negotiations to purchase Retail Opportunity Investments Corp. (ROIC), a REIT based in San Diego that specializes in shopping centers throughout the western United States. The company has an estimated value of $3.4 billion, including its debt. It is expected that a deal will be finalized within the next few weeks.

Sources say that Blackstone is likely to outbid other private equity firms who have also shown interest in acquiring ROIC, such as Bain Capital. Earlier this year, Bain Capital’s real estate division and retail investor 11North Partners formed a partnership with plans to acquire and manage open-air retail centers across North America.

In recent months, there were reports from Reuters stating that Blackstone was considering purchasing ROIC; however it was still early stages at the time. As of September 30th, ROIC owned 93 shopping centers totaling approximately 10.5 million square feet across California,Oregon,and Washington state.The company reported third-quarter net income of $32 million for fiscal year2024,a significant increase from $8 million during the same period last year.

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