September 30, 2026 – The US landlord takes 23 grocery-anchored centres outright. A joint venture with Everview and an Abu Dhabi fund buys the other 92.
In Summary
Brixmor and Everview Partners agreed to buy Slate Grocery REIT for US$13.00 per unit in cash, valuing the deal at $2.34 billion.
Brixmor pays $636 million for 23 centres; a joint venture, 80% owned by Everview, pays $1.71 billion for 92 centres.
The price is a 20% premium to Slate’s close on 23 September; closing is expected in the first quarter of 2027.
In-place rents run 32% below Brixmor’s own portfolio, which the company sees as room to grow income.
Brixmor Property Group and Everview Partners have agreed to buy Slate Grocery REIT in a deal valued at $2.34 billion. The buyers will pay US$13.00 per unit in cash for the Toronto-listed trust.
Brixmor announced the transaction on 28 September. It will take 23 grocery-anchored shopping centres for itself. A new joint venture with Everview will buy the remaining 92 centres.
A subsidiary of the Abu Dhabi Investment Authority will invest alongside Everview as a strategic partner. The deal is expected to close in the first quarter of 2027.
How the Slate Grocery REIT deal works
The two portfolios carry separate price tags. Brixmor is paying $636 million for its 23 centres, which cover about 3 million square feet. The joint venture is paying $1.71 billion for 92 centres with about 12 million square feet.
Brixmor will own 20% of the joint venture’s common equity, and Everview will own 80%. Brixmor will also invest about $174 million of preferred equity that pays a 9% dividend.
In addition, Brixmor will manage the joint venture’s properties. It will act as asset manager, property manager and leasing agent, which should generate recurring fees.
The merger filing adds more detail. Royal Bank of Canada has committed a $988 million, 364-day bridge loan. As a result, the deal carries no financing condition.
The contract also sets break fees. Slate would owe about $31.4 million if it walked away in certain cases. By contrast, the buyers would owe about $62.9 million.
There is also a ticking fee. If the deal has not closed by 20 January 2027, the price rises each day. The increase is about a quarter of a cent per unit. The outside date for completion is 27 March 2027.
Why Brixmor wants these centres
Notably, the wholly owned centres sit entirely inside Brixmor’s existing markets, mostly in Florida, Georgia and the Carolinas. They are about 96% leased. Grocers such as Publix, Harris Teeter and Kroger anchor every one.
That compares well with Brixmor’s own portfolio. According to its latest quarterly report, the company was 94.8% leased at the end of June. Its billed occupancy stood at 90.4%.
Rents look low. In-place rents across the portfolios average 32% less than rents in Brixmor’s current portfolio. Therefore, Brixmor sees room to lift income as leases roll over.
Furthermore, the company has identified about $100 million of redevelopment and outparcel projects. Those include several possible Publix redevelopments.
Brixmor expects the deal to lift its funds from operations per share straight away. Funds from operations is the main earnings measure for property trusts. It also expects long-term growth in net operating income of about 4%, in line with its stated target.
The scale is a step up for Brixmor. In the first half of 2026, it bought four shopping centres for $164.2 million in total. The Slate portfolio alone is almost four times that spend, before counting its joint venture stake.
At the same time, the joint venture structure limits the strain on its balance sheet. Brixmor said the deal fits its commitment to a strong investment-grade rating while preserving room for future deals.
What Slate unitholders receive
According to Slate Grocery REIT, the offer is a 20% premium to its closing price on 23 September. It is also 13% above the price on 21 May.
Two independent advisers, Evercore and CIBC World Markets, found the price fair to unitholders. A special committee and the board, with interested trustees abstaining, backed the deal.
The vote needs at least two-thirds of units cast, plus a majority excluding certain insiders. Holders of about 5.9% of units have signed support agreements. However, the trust will pay no distributions from October until closing.
Blair Welch of Slate said grocery-anchored real estate is a high-quality asset class in strong demand. Marc Rouleau, also quoted in the release, said the outcome reflects strong institutional conviction in the sector.
How markets reacted
Brixmor shares closed at $28.00 on Monday, almost unchanged, according to exchange data. Brixmor trades on the New York Stock Exchange. The stock is up about 7% this year but below its July high.
The deal shows investors still pay up for grocery-anchored retail property. It also shows how sovereign funds keep backing US property through partners. For deal watchers, the Slate Grocery REIT vote is the next step.
