New York – September 28, 2026 -- Brixmor Property Group Inc. (NYSE: BRX) and Everview Partners have entered definitive agreements to acquire Slate Grocery REIT in a transaction valued at $2.34 billion, splitting the portfolio between a wholly owned Brixmor acquisition and a newly formed joint venture backed by a subsidiary of the Abu Dhabi Investment Authority.
Brixmor takes wholly owned stake in 23 centers for $636 million
Brixmor will directly acquire 23 grocery-anchored shopping centers totaling approximately three million square feet for $636 million, gaining a 100% interest in 22 assets and a 50% stake in one. The portfolio is 96% leased and sits entirely within Brixmor's existing footprint, concentrated in Florida, Georgia and the Carolinas, with anchors including Publix, Harris Teeter and Kroger.
Joint venture with Everview and ADIA acquires 92 assets for $1.71 billion
The remaining 92 centers, spanning roughly 12 million square feet, will be acquired through a joint venture in which Brixmor holds a 20% common equity interest and Everview holds 80%. A wholly owned subsidiary of ADIA is participating as a strategic investor alongside Everview. Brixmor will also serve as asset manager, property manager and leasing representative for the joint venture portfolio, and will make a preferred equity investment of approximately $174 million generating a 9% dividend.
Deal delivers immediate FFO accretion on below-market rents
In-place rents across the combined portfolios average 32% below Brixmor's current portfolio, creating what the company calls meaningful mark-to-market upside. Brixmor has identified approximately $100 million in redevelopment and outparcel opportunities within its wholly owned portfolio, including several potential Publix redevelopment projects. The company expects the assets to generate long-term NOI growth consistent with its stated 4% target and says the transaction will be immediately accretive to Nareit FFO per share.
Brixmor Chief Executive Officer and President Brian T. Finnegan said the transaction adds grocery-anchored centers in markets the company knows well while leveraging its operating platform through a capital-efficient joint venture structure with Everview.
Transaction carries no financing conditions, targets Q1 2027 close
The deal is not subject to financing conditions and has been approved by Brixmor's Board of Directors and Slate's Board of Trustees. Closing is expected in the first quarter of 2027, pending approval from Slate unitholders and other customary conditions. Royal Bank of Canada has committed a bridge facility to fund Brixmor's required capital for both portfolios, while Wells Fargo Bank, as administrative agent, and Royal Bank of Canada have provided a debt commitment to the joint venture. RBC Capital Markets and Wells Fargo Securities are acting as financial advisors to Brixmor and the joint venture, with Cushman & Wakefield as real estate advisor and Hogan Lovells Cadwalader US LLP as legal counsel to Brixmor. Simpson Thacher & Bartlett LLP is advising Everview, and Davies Ward Phillips & Vineberg LLP is serving as Canadian counsel to both parties.