Brixmor and Everview to Acquire Slate Grocery REIT for $2.34 Billion

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Summary · why it matters

Brixmor Property Group and Everview Partners have entered into definitive agreements to acquire Slate Grocery REIT in a transaction valued at $2.34 billion. Under the deal, Brixmor will effectively acquire a portfolio of 23 grocery-anchored shopping centers aggregating approximately three million square feet for $636 million, while a newly formed institutional joint venture between Brixmor and affiliates of Everview Partners will acquire the remaining 92 assets for $1.71 billion. A wholly owned subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview. The 23-asset portfolio Brixmor is acquiring is approximately 96% leased and located entirely within Brixmor's existing operating footprint, predominantly across Florida, Georgia, and the Carolinas. Brixmor will hold a 20% common equity interest and Everview an 80% common equity interest in the 92-center joint venture portfolio, and Brixmor will serve as asset manager, property manager, and leasing representative while making a preferred equity investment of approximately $174 million generating a 9% dividend. The transaction, not subject to any financing conditions, has been approved by both boards and is expected to close in the first quarter of 2027, subject to Slate unitholder approval and other customary closing conditions.

Impact on assets 3

Real Estate▲
Brixmor Property
BRX
▲ PositiveCapitalrelevance

Brixmor agrees to acquire a 23-asset grocery-anchored portfolio for $636M and co-invests in a 92-center JV, expanding its footprint.

Consumer Discretionary▲
Others▲

Off-coverage companies 2

Everview Partners, L.P.i
Private▲ PositiveCapitalrelevance

Everview Partners forms a JV with Brixmor to acquire 92 Slate assets for $1.71 billion, holding 80% common equity.

Slate Grocery REITi
Private▲ PositiveCapitalrelevance

Slate Grocery REIT is being acquired by Brixmor and Everview in a $2.34 billion transaction.