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

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3▲1 ▼0Impact / 5
Summary · why it matters

Brixmor Property and Everview Partners have agreed to acquire Slate Grocery REIT for $2.34 billion in an all-cash transaction at $13.00 per unit. The price represents a premium of roughly 13% to the May 21 closing price of the units, the last trading day before the public announcement of the strategic review process, and a premium of roughly 20% to the closing price as of September 23, the last trading day before the REIT announced the suspension of distributions. Under the deal, Brixmor will acquire a portfolio of 23 grocery-anchored shopping centers for $636 million, while a joint venture between Brixmor and affiliates of Everview Partners will acquire the remaining 92 assets for $1.71 billion. The 23 centers aggregate to about 3 million square feet and sit within Brixmor's existing operating footprint, predominantly across Florida, Georgia, and the Carolinas, while the 92 shopping centers, in which Brixmor will hold a 20% common equity interest and Everview 80%, will aggregate to about 12 million square feet. A subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview, and the REIT will make a preferred equity investment of about $174 million in the joint venture, generating a 9% dividend. The transaction, expected to close in the first quarter of 2027, is immediately accretive to Brixmor's Nareit FFO per share, and Everview CEO Billy Rahm said it reflects the firm's conviction in grocery-anchored, open-air retail, which it expects will continue to benefit from limited new supply and durable tenant demand.

Impact on assets 1

Real Estate▲ · 1 stocks
Brixmor Property
BRX
▲ PositiveCapitalrelevance

Brixmor agrees to acquire Slate Grocery REIT assets for $636M plus a JV stake, an accretive M&A transaction.

Off-coverage companies 2

Everview Partners, L.P.Private▲ Positive
Capitalrelevance

Everview Partners leads the $2.34B acquisition, taking 80% of the 92-asset JV.

Slate Grocery REITPrivate▲ Positive
Capitalrelevance

Slate Grocery REIT is being acquired for $2.34B at a ~13-20% premium to prior closing prices.

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