Brixmor Property Group and Everview Partners have agreed to acquire Slate Grocery REIT in a transaction valued at $2.34 billion, combining direct property purchases with a newly formed joint venture. The definitive agreements were signed September 27 and disclosed by Brixmor in a September 28 filing with the U.S. Securities and Exchange Commission.
Under the arrangement, Brixmor will acquire 23 grocery-anchored shopping centers for $636 million, representing about three million square feet of retail space. The portfolio consists of 100% interests in 22 centers and a 50% interest in one center, and is located within Brixmor’s existing operating footprint, primarily in Florida, Georgia and the Carolinas. The portfolio is approximately 96% leased and includes grocery tenants such as Publix, Harris Teeter and Kroger.
The remaining 92 properties, representing approximately 12 million square feet, will be acquired through a joint venture between Brixmor and affiliates of Everview Partners for $1.71 billion. Brixmor will hold a 20% common equity interest in the venture, while Everview will hold 80%. Brixmor will serve as asset manager, property manager and leasing representative and will contribute approximately $174 million of preferred equity carrying a 9% dividend.
The consideration payable to Slate Grocery REIT unitholders is $13 per unit plus additional consideration calculated according to the timing of the closing. Under the arrangement agreement, the additional amount is $0.002482 per unit for each calendar day after January 20, 2027 through the day before closing. The agreement sets March 27, 2027 as the outside date for completion of the transaction, subject to the agreement’s terms and conditions.
The transaction has been approved by Brixmor’s board and Slate’s board of trustees. Completion is expected in the first quarter of 2027 and remains subject to approval by Slate unitholders and other customary closing conditions. Brixmor said the transaction is not subject to financing conditions, with Royal Bank of Canada providing a bridge commitment for Brixmor’s required capital and Wells Fargo Bank and Royal Bank of Canada providing debt commitments for the joint venture.
The deal follows a strategic review by Slate Grocery REIT that began earlier in 2026. In May, the REIT said its independent special committee had been established to evaluate strategic alternatives, including a potential sale of the company. In September, the REIT suspended its monthly cash distributions while that review continued, citing a desire for greater financial and strategic flexibility.
For Brixmor, the transaction expands an existing portfolio of open-air shopping centers while adding properties in markets where the company already operates. Brixmor said rents at the acquired portfolios are, on average, 32% below rents across its existing portfolio. It has also identified approximately $100 million of redevelopment and outparcel development opportunities within the 23-property portfolio it will acquire directly.
Brixmor expects the transaction to be immediately accretive to Nareit funds from operations per share, although that is a company projection rather than a reported financial result. The company also expects the joint venture to generate recurring asset-management, property-management and leasing fees, while giving Brixmor a potential pipeline of additional acquisition opportunities.
The acquisition adds to Brixmor’s existing portfolio of 346 retail centers totaling approximately 63 million square feet. The company operates nationally and counts major retailers including Kroger, Publix, TJX Companies and Ross Stores among its retail partners.
The transaction also includes Abu Dhabi Investment Authority as a strategic investor alongside Everview. Brixmor said the capital structure is designed to limit the amount of capital required directly from the company while allowing it to participate in the joint venture and provide operating and leasing services.
Slate Grocery REIT’s board previously said its strategic review was intended to evaluate alternatives for the REIT and its portfolio. The new agreement represents a definitive transaction resulting from that process, but the acquisition has not yet closed and remains subject to unitholder approval and the other conditions specified in the arrangement agreement.
