Brixmor Property Group and Everview Partners agreed on 28 September to acquire Slate Grocery REIT for US$13.00 per unit in cash, in a transaction the parties value at about $2.34bn including debt.
Why Brixmor Property Group and Everview Partners is buying Slate Grocery REIT
Brixmor is buying 23 centres in Florida, Georgia and the Carolinas that sit inside its existing footprint and says the purchase will be immediately accretive to FFO per share. The remaining 92 centres, about 12 million square feet, go to a joint venture 80% owned by Everview, with Brixmor holding 20% and managing the properties.
Deal terms and financing
Unitholders receive US$13.00 in cash, a 20% premium to the 23 September closing price. Brixmor pays $636m for its directly owned centres, and the joint venture pays $1.71bn; a subsidiary of the Abu Dhabi Investment Authority is investing alongside Everview.
Regulatory approvals and timing
The deal requires unitholder approval and is expected to close in the first quarter of 2027.
Market context
The sale concludes a strategic review Slate Grocery launched in May after an unsolicited proposal from its external manager, Slate Asset Management. Grocery-anchored retail has been one of the more resilient property types, drawing sovereign and private capital.
