Global law firm Clifford Chance has advised Retail Opportunity Investments Corp. (Nasdaq: ROIC) in its agreement to sell the company to Blackstone Real Estate Partners X. The aggregate transaction value is US$4 billion, including outstanding debt. 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 in densely populated metropolitan markets across the West Coast of the United States.

Capital Markets senior counsel Jay Bernstein and M&A partners John Healy and Chang-Do Gong led the transaction with support from counsel Matt Worden and associate Marina Safonova.

The wider team on the transaction included:

• Capital Markets: partners Jake Farquharson and Gary Brooks, and associates Kimara Davis, Lorenzo Ricchi and Kami McFarland
• Corporate M&A: associates Matt Bergerud, Emely Luna, Michelle Verkhoglaz, Julian McIntosh and trainee solicitor Ariel Cohen
• Tax: partners Michael Seaton, Paul Koppel, counsel Hannah Richard, and associates Maggie Shi and David Walsh

Bernstein, who is also the Chair of the US REIT, Specialty Finance and Permanent Capital Vehicle Practices, said, “We are proud to have advised Retail Opportunity Investments on this significant transaction. The execution of this strategic and complex acquisition is a testament to the depth of our team.”