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.
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