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Blackstone, through its Blackstone Real Estate Partners X fund, has agreed to buy Retail Opportunity Investments Corp. (ROIC) for approximately $4 billion, including debt, in an all-cash deal. 

Blackstone will pay $17.50 per share, a 34% premium to ROIC’s closing share price on July 29, 2024, the last trading day prior to news reports of a potential sale.

ROIC’s portfolio consists of 93 high-quality, grocery-anchored retail properties totaling 10.5 million square feet in Los Angeles, Seattle, San Francisco and Portland.