Blackstone (BX) is expanding its presence in grocery-anchored retail with a roughly $440 million deal to acquire a portfolio of Texas shopping centers, Bloomberg reported Friday, citing a person familiar with the transaction.
Investor demand for grocery-anchored centers has been rising as limited new construction and steady tenant demand keep occupancy high and rents resilient. These properties are viewed as particularly stable during periods of softer consumer spending, the report said.
The roughly 2 million-square-foot portfolio spans Dallas, Houston and San Antonio, with many locations anchored by tenants such as H-E-B and Kroger (KR), the report added.
Shares of Blackstone were down 2.8% in recent trading.
Blackstone didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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