Exclusive-Blackstone in advanced talks to acquire shopping center owner Retail Opportunity, sources say
) Corp, which owns U.S. shopping centers and has a market value of $3.4 billion including debt, according to people familiar with the matter.
Owners of strip malls, pharmacy chains and retail stores have managed to pass on increased costs from high inflation to consumers over the past year, benefiting landlords like ROIC. Shares of ROIC, which mainly houses supermarkets and drugstores, have risen about 11% so far this year, underperforming some other real estate investment trusts and making it an attractive target for buyout firms like Blackstone.
Dealmaking in the real estate industry has been muted this year, with U.S. M&A volumes falling about 39% to $27.1 billion, according to data from Dealogic, as high interest rates have made borrowing more expensive in the real estate industry.
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