NRDC Acquisition Corp. is converting into a real estate investment trust with a mission to buy up retail real estate.
The new company, called Retail Opportunity Investments Corp. [ROI], will have about $400 million in cash, enabling it to purchase or invest in up to $1 billion in real estate assets. Neighborhood centers, regional malls, lifestyle centers and power centers will be on ROI’s radar this fall, at a time when some experts believe market values will have bottomed out.The conversion is expected to be completed in mid-to-late October, pending approval by NRDC Acquisition’s stock holders and warrant holders.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)