New York & San Diego – Blackstone (NYSE: BX) and Retail Opportunity Investments Corp. (Nasdaq: ROIC) (“ROIC” or the “Company”) today announced that they have entered into a definitive agreement under which Blackstone Real Estate Partners Xwill acquire all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at approximately $4 billion, including outstanding debt. ROIC’s portfolio consists of 93 high-quality, grocery-anchored retail properties totaling 10.5 million square feet concentrated in Los Angeles, Seattle, San Francisco and Portland.

The purchase price represents a premium of 34% to ROIC’s closing share price on July 29, 2024, the last trading day prior to news reports of a potential sale.

“We are pleased to reach this agreement with Blackstone, as it will provide significant and certain value to our stakeholders,” said Stuart A. Tanz, President and Chief Executive Officer of ROIC. “This transaction represents the culmination of the steadfast commitment and extraordinary dedication of our talented team and their tireless efforts over the past 15 years. We are confident that Blackstone will position ROIC’s portfolio for continued gro­wth and success.”

Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate, said, “This transaction reflects our strong conviction in necessity-based, grocery anchored shopping centers in densely populated geographies. The sector is experiencing accelerating fundamentals, benefiting from nearly a decade of virtually no new construction, while demand for brick-and-mortar grocery stores, restaurants, fitness and other lifestyle retailers remains healthy. We are pleased to be acquiring ROIC, which owns a unique collection of high-quality assets in some of the most desirable West Coast markets.”

The transaction has been approved by ROIC’s Board of Directors and is expected to close in the first quarter of 2025, subject to customary closing conditions, including the approval of the Company’s common stockholders.

J.P. Morgan acted as ROIC’s exclusive financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. BofA Securities, Morgan Stanley & Co. LLC, Newmark, and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel.

About Retail Opportunity Investments Corp.
Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of September 30, 2024, ROIC owned 93 shopping centers encompassing approximately 10.5 million square feet. ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody’s Investor Services, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
 
Forward-Looking Statements. Certain information contained in this press-release (the “Material”) constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include statements about plans, objectives and expectations with respect to future operations. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include, but are not limited to, those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Materials and in the filings. Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.

Opinions. Opinions expressed reflect the current opinions of the named persons or Blackstone where indicated, as of the date appearing in the Material only and are based on opinions of the current market environment, which are subject to change. Certain information contained in this Material discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

Third Party Information. Certain information contained in this Material has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information.
 
ROIC Forward Looking Statements. This communication includes certain disclosures from ROIC (as used in this paragraph only, the “Company”) which contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended, including but not limited to those statements related to the transaction, including financial estimates and statements as to the expected timing, completion and effects of the transaction. When used herein, the words “believes,” “anticipates,” “projects,” “should,” “estimates,” “expects,” “guidance” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the transaction on the anticipated terms and timing, or at all, including the Company’s ability to obtain the required stockholder approval, and the parties’ ability to satisfy the other conditions to the completion of the transaction; (ii) potential litigation relating to the transaction that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the transaction will harm the Company’s business, including current plans and operations, including during the pendency of the transaction; (iv) the ability of the Company to retain and hire key personnel; (v) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (vi) legislative, regulatory and economic developments; (vii) potential business uncertainty, including changes to existing business relationships, during the pendency of the transaction that could affect the Company’s financial performance; (viii) certain restrictions during the pendency of the transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (ix) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemic, as well as management’s response to any of the aforementioned factors; (x) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction, including in circumstances requiring the Company to pay a termination fee; (xii) those risks and uncertainties set forth under the headings “Statements Regarding Forward-Looking Information” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xiii) those risks that will be described in the proxy statement that will be filed with the SEC and available from the sources indicated below.

These risks, as well as other risks associated with the transaction, will be more fully discussed in the proxy statement that will be filed by the Company with the SEC in connection with the transaction. There can be no assurance that the transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company and Blackstone do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company or Blackstone.

Information regarding such risks and factors is described in ROIC’s filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.

Important Additional Information and Where to Find It
This communication is being made in connection with the transaction. In connection with the transaction, the Company will file a proxy statement on Schedule 14A and certain other documents regarding the transaction with the SEC. Promptly after filing its definitive proxy statement with the SEC, the definitive proxy statement will be mailed to stockholders of the Company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, COMPANY STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT THAT WILL BE FILED BY THE COMPANY WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Company stockholders will be able to obtain, free of charge, copies of such documents filed by the Company when filed with the SEC in connection with the transaction at the SEC’s website (http://www.sec.gov). In addition, the Company’s stockholders will be able to obtain, free of charge, copies of such documents filed by the Company at the Company’s website (www.roireit.net). Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request to the Company at 11250 El Camino Real, Suite 200, San Diego, CA 92130.

Participants in the Solicitation
The Company and certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from stockholders of the Company in connection with the transaction. Additional information regarding the identity of the participants, and their respective direct and indirect interests in the transaction, by security holdings or otherwise, will be set forth in the proxy statement and other relevant materials to be filed with the SEC in connection with the transaction (if and when they become available). You may obtain free copies of these documents using the sources indicated above.

Contacts

ROIC
Stuart A. Tanz
(858) 255-4901
stanz@roireit.net
 
Blackstone
Claire Keyte
(646) 482-8753
Claire.Keyte@Blackstone.com

NEW YORK, NY – November 4, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of nine logistics assets totaling 1.8 million square feet in Jacksonville, Florida.

The assets are strategically located near the Port of Jacksonville, which lifts 1.3 million TEUs annually and is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure. Jacksonville’s transport infrastructure is further supported by an extensive rail network anchored by CSX, Norfolk Southern, and the Florida East Coast Railway. Jacksonville has also seen positive demographic trends, with a 1.7 million population that has grown 4x the national average since 2013 and is expected to grow by 2x the national average over the next decade.

“We are excited to add these assets to our growing portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”

Most recently, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas. Earlier this year, Stonepeak acquired a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

Transaction comprises an attractive collection of high-quality properties in key distribution locations with capacity to serve a wide range of tenants

All four properties are fully-leased, with significant rental growth potential

EQT Exeter’s leasing and property management team plans to enhance value, particularly through significant sustainability-focused improvements

SEOUL – November 1, 2024 – Funds managed by Blackstone Real Estate Partners (“Blackstone”) are partnering with Travelodge Asia, an integrated hotel investment and operating company focused on select-service hotels across Asia, to acquire an office building in Seoul’s Gangnam district, and convert into a new select-service hotel.

Chris Kim, Head of Real Estate – Korea, Blackstone, said: “We are thrilled to continue investing in South Korea and start work on this property by doing what we do best at Blackstone: transforming well-located assets and increasing their value. We are big believers in travel and leisure as an investment theme, including in South Korea, where its culture and medical services are driving demand. We look forward to partnering with Travelodge to create a new select-service hotel in one of Seoul’s busiest neighborhoods.”

Marcus Aw, Managing Director of Travelodge Asia, added: “We are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul. We have been active in acquiring assets with strong value add upside potential from being repositioned as midscale hotels, with a particular focus on South Korea, Japan, Singapore and Hong Kong. South Korea continues to be a very popular destination amongst leisure and business travelers globally, so we are excited to team up with Blackstone on the upcoming hotel.”

Blackstone is one of the world’s largest investors in hotels – from The Cosmopolitan in the United States to Crown Resorts in Australia and Hilton Hotels around the world, the firm brings a global track record of transforming hospitality brands into leading destinations for dining and entertainment.

The building sits in the center of Gangnam’s prime office and commercial district, within walking distance to four subway stations, high-end residential complexes, hotels, retail and medical facilities. Seoul’s hospitality market has seen explosive growth following COVID, driven by the rise in inbound tourists. The country saw 7.7 million foreign arrivals in the first half of the year, a 74% increase from the same period in 2023.

This is the third real estate transaction from Blackstone in South Korea this year. Last month, Blackstone bought a large multi-story logistics asset in Gimpo. In April, Blackstone closed the sale of Arc Place, a Grade A office building in Gangnam. This sale – which was the largest commercial real estate transaction in Seoul’s major business district since 2022 – also marked the culmination of years of focused asset management to reposition Arc Place into a leading office building.

Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contacts
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Wendy Lee
+852 9176 6179
Wendy.Lee@Blackstone.com

Ardian and Rockfield to launch a strategic partnership to invest in Purpose-Built Student Accommodation (PBSA) across Continental European markets.
• CBRE Investment Management’s Indirect Real Estate Strategies has made a €500 million seed equity commitment to the PBSA strategy on behalf of global institutional investors.
• The strategy will focus on key European markets where student housing is in high demand and short supply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France. The first investments are expected to be concluded before year-end.

The transaction represents the REIT’s fourth property acquisition since inception