Brixmor Property Strengthens Southern Presence With Proposed Acquisition of Slate Grocery

10:55 AM EDT, 09/28/2026 (MT Newswires) -- Brixmor Property Group (BRX) and Everview Partners agreed to acquire US grocery-anchored real estate operator Slate Grocery REIT in an all-cash deal valued at $2.34 billion, strengthening the American commercial real estate company's position in Southern markets. Brixmor will effectively acquire 23 grocery-anchored shopping centers, mainly across Florida, Georgia and the Carolinas, for about $636 million, according to a Monday statement. The acquired portfolio is within Brixmor's existing footprint. Brixmor will form a joint venture with affiliates of investment firm Everview Partners to acquire the remaining 92 shopping centers for $1.71 billion. "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," Brixmor Chief Executive Brian Finnegan said in the statement. "We believe our extensive retailer relationships and proven execution capabilities will position us to unlock that value and generate meaningful cash flow growth over time." Separately, Toronto-based Slate Grocery said a joint venture between Brixmor and Everview will buy all of its trust units for $13 apiece in cash, representing an enterprise value of about $2.3 billion. The real estate investment trust will become a private entity following deal completion. "The transaction provides unitholders with immediate liquidity and certainty of value at an attractive all-cash price, and is the culmination of a competitive process focused on maximizing value for all unitholders," said Marc Rouleau, chair of the special committee of Slate Grocery. Brixmor will hold a 20% stake in the 92-center portfolio, with Everview holding the remaining 80%. Brixmor will make a preferred equity investment of about $174 million in the joint venture, which will generate a 9% dividend. An Abu Dhabi Investment Authority unit will serve as a strategic investor alongside Everview. "We believe the portfolio is a high-quality collection of centers in attractive markets with meaningful embedded upside," Everview CEO Billy Rahm said. "We are excited to be acquiring it alongside Brixmor." The acquisition is expected immediately increase to Brixmor's adjusted funds from operations on a per-share basis and generate long-term net operating income growth in line with the firm's target of 4%. The company anticipates the joint venture to drive "attractive" recurring fee income and offer potential acquisition opportunities. The transaction, which requires approval from Slate Grocery's unitholders, is expected to complete in the first quarter of 2027, the companies said. In July, Brixmor raised the low end of adjusted full-year funds from operations per share outlook. In a client note at the time, Truist Securities said the commercial real estate company had acquired four shopping centers for $164.3 million and sold two for $15.1 million. In the broader industry, Simon Property (SPG) purchased the remaining 12% stake in Taubman Realty Group in 2025, completing a process that began in 2020 when it acquired an 80% stake in Taubman for $3.6 billion. In 2024, Kimco Realty (KIM) acquired RPT Realty in all-stock deal valued at $2 billion. Price: 27.88, Change: -0.20, Percent Change: -0.69