Brixmor JV to Acquire Slate Grocery REIT in $2.3B Deal
The deal is on track to close in the first quarter of 2027.
In a deal valued at $2.3 billion, a joint venture led by Brixmor Property Group will acquire Slate Grocery REIT, a Toronto-based investor, the companies announced on Monday. The deal is on track to close in the first quarter of 2027.
Under the terms of the deal, Brixmor will pay $636 million for 23 assets comprising 3 million square feet. In one of the 23 assets, Brixmor will take a 50 percent interest. Those grocery-anchored properties are mostly located in North Carolina, South Carolina, Georgia and Florida.
The centers are anchored by such brands as Kroger, Harris Teeter and Publix. Brixmor also cited the potential for $100 million in potential redevelopment, including new Publix stores.
The remaining 92 properties, comprising 12 million square feet, will be acquired for $1.7 billion by a joint venture of Brixmor and Everview Partners. Everview will hold an 80 percent interest and Brixmor will own a 20 percent stake and make a $174 million preferred equity investment. The deal culminates a formal review process announced by Slate in May.
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Brixmor will also act as the property manager, asset manager and leasing agent for the jointly owned portfolio. An affiliate of the Abu Dhabi Investment Authority will serve as a strategic adviser to Everview.
Key advisers for Brixmor and Everview in the transaction include RBC Capital Markets, lead financial adviser, and Wells Fargo Securities, which is also serving as a financial adviser to both Brixmor and to the Brixmor-Everview joint venture. Cushman & Wakefield is acting as real estate advisor, and Hogan Lovells Cadwalader US LLP is acting as legal counsel to Brixmor.
For the special committee that handled Slate’s review process, Evercore Group LLC. is the financial advisor. CIBC World Markets Inc. is a financial advisor to provide an independent fairness opinion to the special committee and board of directors. Raider Hill Advisors LLC. is acting as exclusive special real estate advisor to the Special Committee.
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