Wednesday, 30 September 2026
Brixmor Property Group and Everview Partners have agreed a $2.34 billion transaction to acquire Slate Grocery REIT, bringing a portfolio of 115 US grocery-anchored shopping centres under direct and joint-venture ownership. The deal covers approximately 15 million sq ft of retail property and is expected to close in the first quarter of 2027, subject to the required approvals.
Brixmor will acquire 23 shopping centres totalling around 3 million sq ft for $636 million. A newly formed institutional venture involving Brixmor and Everview will purchase the remaining 92 properties for approximately $1.71 billion, with a subsidiary of the Abu Dhabi Investment Authority also participating. Brixmor will additionally invest approximately $174 million in preferred equity and provide management and leasing services for the venture.
The directly acquired properties are concentrated primarily in Florida, Georgia and the Carolinas and are approximately 96% occupied. Grocery operators represented across the portfolio include Publix, Harris Teeter and Kroger, giving the assets significant exposure to everyday consumer spending and established shopping locations.
One of the main attractions for Brixmor is the potential to increase income from the existing tenant base. Average rents across the acquired properties are approximately 32% below those achieved within Brixmor’s existing portfolio, creating scope for higher rental income as leases expire, tenants renew and space is re-let.
There is also a redevelopment component to the investment. Brixmor has identified approximately $100 million of potential projects within the 23 centres it will own directly, including upgrades to existing properties and development of additional sites around the shopping centres. The combination of high occupancy, lower existing rents and opportunities for further investment provides several potential routes for increasing asset income.
The transaction reflects continued institutional demand for grocery-anchored US retail property, particularly established centres where limited new supply and strong tenant demand can support rental growth. Slate Grocery REIT investors are being offered $13.00 in cash per unit, while Brixmor gains a substantial portfolio in which future returns will depend not only on current occupancy but also on its ability to capture higher rents and unlock additional value from the properties.
