<div id="readability-page-1"><div>[NEW YORK] Blackstone is acquiring a collection of Texas retail properties, increasing its wager on real estate anchored by grocery stores.The alternative asset manager is paying US$440 million for a portfolio that includes properties in Dallas, Houston and San Antonio, and spans roughly 2 million square feet, a person familiar with the matter said. Most of the properties include grocery tenants such as H-E-B and Kroger, added the person, who requested anonymity to discuss the transaction. Adam Leslie, managing director at Blackstone Real Estate, said: “Grocery-anchored retail is one of our high-conviction themes given the strong fundamentals across the sector. We are thrilled to acquire these high-quality assets across the largest cities in Texas.”A Blackstone representative declined to comment on the deal price or other specifics of the transaction, including the identity of the seller. Grocery-anchored properties are enjoying popularity with real estate investors, in part because a slowdown in new construction has stoked competition among tenants, keeping occupancy rates and rents high. The stores are prized as stable tenants during periods when consumers pull back on discretionary spending.Blackstone, among the world’s largest property owners, has been betting big on grocery-anchored shopping centres. In February, it completed a US$4 billion deal to take Retail Opportunity Investments private, which specialised in the properties. More recently, it partnered on a US$1.5 billion acquisition of a major owner of grocery real estate in Hawaii. BLOOMBERG</div></div>

ROIC

Blackstone is acquiring Texas retail properties for $440 million, focusing on grocery-anchored real estate in cities like Dallas, Houston, and San Antonio. This investment aligns with Blackstone's strategy due to strong sector fundamentals and stable tenant demand. Grocery-anchored properties are popular among investors, offering high occupancy rates and rents. Blackstone's recent investments include a $4 billion deal for Retail Opportunity Investments and a $1.5 billion acquisition in Hawaii.

Blackstone extends bet on grocery stores in Texas property deal