115 shopping centers acquired for $2.34 billion
Brixmor Property Group and Everview Partners have entered into definitive agreements to acquire Slate Grocery for $2.34 billion.
Under the terms of the transaction and joint venture agreements, Brixmor will acquire a portfolio of 23 grocery-anchored centers totaling three million square feet of space for $636 million.
A newly formed institutional joint venture between Brixmor and affiliates of Everview Partners will acquire the remaining 92 assets of the Slate portfolio for $1.71 billion.
Additionally, a wholly owned subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview in the transaction.
The grocery store portfolio is 96% leased and located within Brixmor’s southern store footprint predominantly across Florida, Georgia and the Carolinas.
“Across both the wholly owned and joint venture assets, we see meaningful embedded value through below-market rents and a robust pipeline of remerchandising, redevelopment and outparcel opportunities,” said Brixmor CEO Brian Finnegan.
Under the terms of the joint venture agreements:
- Brixmor will acquire 23 grocery-anchored shopping centers (representing a 100% interest in 22 centers and a 50% interest in one center) aggregating approximately three million square feet.
- Brixmor will hold a 20% common equity interest and Everview will hold an 80% common equity interest in 92 shopping centers aggregating approximately 12 million square feet. Brixmor will also serve as the asset manager, property manager, and leasing representative for the joint venture portfolio.
- The transaction, which is not subject to any financing conditions, has bee approved by Brixmor’s board of directors and Slate’s board of trustees and is expected to close in the first quarter of 2027.
Brixmor’s portfolio is anchored by leading supermarket brands such as Publix, Harris Teeter and Kroger. In a press release, the company noted that this transaction will leverage its national infrastructure and retailer relationships to bring high-value brands to its centers.