Exclusive-Blackstone in bid to acquire shopping center owner Retail Opportunity, sources say
), which owns U.S. shopping centers and has a market value of close to $2 billion, according to people familiar with the matter.
No deal is certain and another bidder for ROIC could emerge, the sources said, requesting anonymity because the matter is confidential.ROIC's shares jumped as much as 20% on the news in afternoon trading on Tuesday. Limited new construction of retail real estate has also contributed to the scramble for high-quality space. Vacancies at U.S. shopping centers stood at 5.3% for the second quarter ended June 30, the lowest level since Cushman & Wakefield as of the end of June. Last week, it reported net income of $18.4 million for the first six months of 2024, up from $18.1 million in the corresponding period a year ago.
Blackstone is one of the world's largest investors in real estate, with $336.1 billion in assets in the sector as of the end of June. The New York-based firm has recently focused on warehouses, rental housing and data centers, which comprise about 75% of its global real estate equity portfolio.
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