Brixmor agrees $2.34 billion Slate Grocery REIT deal

• Brixmor Property Group and Everview Partners agreed to acquire Slate Grocery REIT in a $2.34 billion transaction.
• Brixmor will acquire 23 grocery-anchored centers for $636 million and invest approximately $174 million in preferred equity.
• The companies said the transaction is expected to increase Brixmor’s Nareit funds from operations per share after closing.

Brixmor Property Group (NYSE:BRX) and Everview Partners agreed to acquire Slate Grocery REIT in a $2.34 billion transaction involving 115 grocery-anchored centers.

The agreement includes Brixmor acquiring 23 centers for $636 million, while a new joint venture will acquire the remaining 92 properties for $1.71 billion with Brixmor and Everview holding 20% and 80% common equity interests, respectively.

Brixmor said it will manage and lease the joint venture properties and invest approximately $174 million in preferred equity carrying a 9% dividend, while the transaction remains subject to Slate unitholder approval and customary closing conditions.

Brixmor Property Group owns and operates retail real estate assets, including grocery-anchored shopping centers across the United States.

The company said the transaction is expected to close in the first quarter of 2027 and that in-place rents across the acquired portfolios average 32% below rents in Brixmor’s existing portfolio.