Blackstone is expanding its exposure to grocery-anchored retail with a $440m acquisition of shopping centres across Texas, reinforcing its conviction in defensive real estate assets amid uneven consumer spending, according to sources cited by Bloomberg. 

The private equity firm is buying a portfolio spanning about 2m square feet across Dallas, Houston, and San Antonio, according to people familiar with the transaction. Most of the properties are anchored by grocery chains such as H-E-B and Kroger, which are viewed as stable, long-term tenants.

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.” A Blackstone spokesperson declined to comment on pricing or the identity of the seller.

Investor interest in grocery-anchored properties has risen as new retail construction slows, keeping occupancy levels high and supporting rental growth. The assets are also seen as resilient during periods of reduced discretionary spending.

The deal follows Blackstone’s $4bn take-private of Retail Opportunity Investments Corp earlier this year and a recent $1.5bn partnership to acquire grocery-focused retail assets in Hawaii. The transactions underscore Blackstone’s continued bet on essential retail as a core real estate strategy.

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