Slate Grocery REIT to Be Acquired by Brixmor and Everview for US$2.3 Billion

Business Wire·28 Sep 2026·

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Corporate Action M&A · Partnership Retail REITs

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Summary · why it matters

Slate Grocery REIT has entered into a definitive arrangement agreement to be acquired by a joint venture between Brixmor Property Group Inc. and affiliates of Everview Partners, L.P. in an all-cash transaction valued at approximately US$2.3 billion. Under the deal, the Purchaser will acquire all issued and outstanding trust units of the REIT for US$13.00 in cash per Unit, a premium of approximately 13% to the closing price on May 21, 2026, the last trading day before the REIT publicly announced its strategic review process, and approximately 20% to the closing price on September 23, 2026, the last trading day before the REIT announced the suspension of distributions. The transaction, which concludes the strategic review process announced on May 22, 2026, was unanimously recommended by the Special Committee and approved by the Board of Trustees, with interested trustees abstaining, and is expected to close in the first quarter of 2027 subject to Unitholder approval, Ontario Superior Court approval and termination of the Management Agreement. The Arrangement Agreement includes a termination fee of approximately US$31 million payable by the REIT in certain circumstances and a reverse termination fee of approximately US$63 million payable by the Purchaser, and the Purchaser has provided evidence of fully committed financing. Effective at closing, the Purchaser will also acquire NA Essential's interest in the joint ventures between the REIT and NA Essential for approximately US$187.5 million, and the Manager will receive a fixed US$50 million termination payment. If the transaction closes after January 20, 2027, Unitholders will receive additional cash consideration of US$0.002482 per Unit per day, increasing the aggregate consideration by approximately US$150,000 per day, and no distributions will be declared or paid for October 2026 through closing.

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