Brixmor Property Group Inc. and Everview Partners have entered into definitive agreements to acquire Slate Grocery REIT in a transaction valued at $2.34 billion. The acquisition is structured as a strategic joint venture involving a new entity, EP/BRX Holdings LLC, formed by Brixmor and Everview.
Under the terms of the transaction, Brixmor will acquire a portfolio of 23 grocery-anchored shopping centers for $636 million. These assets, aggregating approximately 3 million square feet, are located entirely within Brixmor’s existing operating footprint, predominantly across Florida, Georgia, and the Carolinas. Brixmor will hold a 100% interest in 22 of these centers and a 50% interest in one center.
The remaining 92 assets, aggregating approximately 12 million square feet, will be acquired by the joint venture. In this portion of the deal, Brixmor will hold a 20% common equity interest, while Everview will hold an 80% common equity interest. Brixmor will serve as the asset manager, property manager, and leasing representative for the joint venture portfolio and will make a preferred equity investment of approximately $174 million in the joint venture entity, generating a 9% dividend.
A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will act as a strategic investor alongside Everview in the transaction. The transaction is not subject to any financing conditions and has been approved by the boards of directors of both Brixmor and Slate. It is expected to close in the first quarter of 2027, subject to the receipt of approval from Slate unitholders and satisfaction of other customary closing conditions.
The acquisition is expected to be immediately accretive to Brixmor’s Nareit FFO per share. The portfolio is projected to generate long-term net operating income growth consistent with Brixmor’s stated long-term growth expectation of 4%. Brixmor has identified approximately $100 million of redevelopment and outparcel development opportunities within the acquired portfolio.
