In a strategic move emphasizing the continued dynamism in the commercial real estate sector, Blackstone has announced its acquisition of Retail Opportunity Investment Corp. (ROIC) for $4 billion, to be executed through its Blackstone Real Estate Partners X fund. The transaction, structured as an all-cash deal at $17.50 per share, will see Blackstone take ROIC private. ROIC currently owns a portfolio of 93 grocery-anchored retail properties spread across prime urban markets such as Los Angeles, Seattle, San Francisco, and Portland.
Simpson Thacher & Bartlett and Clifford Chance have been named as the lead law firms guiding this acquisition. Simpson Thacher, a longstanding advisor to Blackstone, is spearheaded by M&A partners Brian Stadler and Matthew Rogers, along with Sasan Mehrara, head of the firm’s real estate practice. Notably, Stadler has a rich history of advising Blackstone on major transactions including its $39 billion buyout of Equity Office Properties and the $26 billion acquisition of Hilton.
This year, Simpson Thacher has advised on over $208 billion in mergers and acquisitions, securing fourth place in Bloomberg Law’s league tables. Meanwhile, Clifford Chance is representing ROIC with a team helmed by Jay Bernstein, chair of the firm’s US REIT, specialty finance, and permanent capital vehicle practices, alongside M&A partners John Healy and Chang-Do Gong.