Brixmor Property Group Acquires Grocery-Anchored Portfolio in $2.34 Billion Deal with Everview Partners
Brixmor Property Group Inc. (NYSE: BRX) has entered into a definitive agreement to acquire Slate Grocery REIT for $2.34 billion, partnering with Everview Partners on the transaction. Brixmor will directly purchase 23 grocery-anchored shopping centers within its existing footprint in Florida, Georgia, and the Carolinas for $636 million. A joint venture between Brixmor and Everview will acquire an additional 92 assets valued at $1.71 billion. The deal is expected to be immediately earnings accretive due to below-market rents and redevelopment opportunities. Brixmor's CEO, Brian T. Finnegan, emphasized the strategic alignment with their growth plan, leveraging existing grocer relationships and operational capabilities across both portfolios. Everview’s founder Billy Rahm highlighted confidence in grocery-anchored retail as a durable asset class amid limited new supply. Brixmor will serve as manager for the joint venture portfolio and make an additional $174 million preferred equity investment with a 9% dividend yield. The transaction has been approved by both companies' boards, is not subject to financing conditions, and reflects confidence in long-term value creation through remerchandising and redevelopment.
Topics: acquisition grocery-anchored retail joint venture real estate