Brixmor and Everview to buy Slate Grocery REIT for $2.34B

Brixmor Property Group and Everview Partners struck definitive agreements to acquire Slate Grocery REIT in a $2.34 billion deal. Brixmor takes 23 grocery-anchored centers spanning roughly three million square feet for $636 million, all within its existing Florida, Georgia and Carolinas footprint and about 96% leased. A new institutional joint venture between Brixmor and Everview affiliates will buy the remaining 92 assets for $1.71 billion, with an Abu Dhabi Investment Authority subsidiary investing alongside Everview.

Why it matters: The structure lets Brixmor add scale and immediate earnings accretion while outsourcing most of the capital to institutional partners, including a sovereign wealth fund hungry for grocery-anchored retail.