Toronto-based Slate Grocery REIT, an owner and operator of U.S. grocery-anchored real estate, announced Monday that it has entered into a definitive arrangement agreement to be purchased by a joint venture between Brixmor Property Group Inc. and affiliates of Everview Partners, L.P. for an all-cash transaction of US $13 per unit representing a total enterprise value of about US $2.3 billion.
“The Consideration represents a premium of approximately 13% to the closing price of the Units on May 21, 2026, the last trading day prior to the public announcement of the strategic review process, and a premium of approximately 20% to the closing price of the Units on September 23, 2026, the last trading day prior to the REIT’s announcement of the suspension of distributions,” explained a news release, adding that the transaction is the culmination of the strategic review process previously announced by the REIT on May 22.
“Following a comprehensive strategic review process, including a competitive auction process, the Special Committee unanimously concluded that this transaction represents the best available outcome for the REIT and its Unitholders. 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. This outcome reflects strong institutional conviction in grocery-anchored real estate. We’re confident Brixmor and Everview’s combined resources and commitment to this sector position this portfolio well for its next chapter,” said Marc Rouleau, Chair of the Special Committee of the REIT.
“This outcome validates what we have long believed: grocery-anchored essential real estate is a high-quality, in-demand asset class, and active in-house management creates measurable value for investors. The Special Committee ran a rigorous process and Slate Asset Management, as external manager of the REIT and the REIT’s largest investor, is fully supportive of the outcome. We are proud of the institutional caliber portfolio our team built and managed, and we are immediately focused on what comes next: redeploying capital into grocery-anchored real estate in North America and continuing to grow Slate’s grocery platform in Europe, which is already one of the largest portfolios on the continent,” said Blair Welch, Chief Executive Officer of the REIT and Co-Founding Partner of Slate Asset Management.
The news release said the transaction is expected to close in the first quarter of 2027.
Brixmor owns and operates a national portfolio of open-air shopping centres. Brixmor’s 346 retail centers comprise approximately 63 million square feet of retail space in established trade areas.
Everview Partners, L.P. is a private investment management firm founded in 2024. Everview invests across the capital structure in real asset companies and properties and seeks to partner with talented business leaders to drive sustainable growth and profitability.
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