Brixmor and Everview Strike $2.34 Billion Deal for 115 Grocery-Anchored Shopping Centres
New York, United States | September 29, 2026: A $2.34 billion acquisition of Slate Grocery REIT will bring 115 grocery-anchored shopping centres under the ownership of Brixmor Property Group and its investment partners, expanding their presence in the US retail property market. The transaction combines Brixmor’s direct acquisition of 23 centres with a joint venture involving Everview Partners and the Abu Dhabi Investment Authority (ADIA) for the remaining 92 properties.
The deal gives Brixmor a larger portfolio in markets where it already operates, while the joint venture structure allows it to manage and lease a much bigger collection of retail properties without owning the entire portfolio.
How the $2.34 Billion Acquisition Is Structured
Under the agreements announced on September 28, Brixmor will acquire 23 grocery-anchored shopping centres for $636 million. These properties total approximately 3 million square feet and are located primarily in Florida, Georgia and the Carolinas.
The remaining 92 centres, covering approximately 12 million square feet, will be acquired by a newly formed joint venture for $1.71 billion. Everview will hold an 80% common equity interest, while Brixmor will hold 20%. ADIA will participate as a strategic investor alongside Everview.
Together, the two portfolios comprise 115 properties and approximately 15 million square feet of retail space.
Brixmor Expands Its Retail Property Footprint
The 23 properties being acquired directly by Brixmor are located within its existing operating footprint and are approximately 96% leased. The portfolio is entirely grocery-anchored, with tenants including Publix, Harris Teeter and Kroger.
The acquisition will strengthen Brixmor’s presence in markets where it already has established retailer relationships and operating infrastructure. The company currently owns and operates 346 retail centres covering approximately 63 million square feet.
Joint Venture Gives Brixmor a Management Role Across 92 Centres
Although Brixmor will hold a minority equity stake in the joint venture portfolio, it will serve as the asset manager, property manager and leasing representative for all 92 properties.
This arrangement gives Brixmor an expanded role in operating the properties and generating recurring management and leasing fees. It will also allow the company to participate in the portfolio’s growth while sharing ownership with its partners.
Brixmor will make an approximately $174 million preferred equity investment in the joint venture, which is expected to generate a 9% dividend.
Below-Market Rents and Redevelopment Offer Growth Opportunities
Brixmor identified opportunities to increase rental income across the acquired portfolios. In-place rents average 32% below rents in its existing portfolio, creating potential for rent adjustments as leases expire or are renewed.
The company has also identified approximately $100 million in redevelopment and outparcel development opportunities within the 23 properties it will acquire directly. These include potential redevelopment projects involving Publix stores.
Brixmor expects the portfolios to support long-term net operating income growth in line with its stated target of 4%. These are company projections, and actual performance will depend on leasing, redevelopment execution and market conditions.
Why Grocery-Anchored Retail Is Central to the Deal
The transaction expands Brixmor’s exposure to open-air shopping centres anchored by grocery stores. Such centres combine grocery retail with other services and businesses that can serve regular neighbourhood needs.
Brixmor and Everview cited the sector’s limited new supply and durable tenant demand as reasons for their interest in the portfolio. The acquisition also provides opportunities to improve tenant mixes, redevelop properties and make better use of available land.
For retail property owners and investors, the transaction illustrates how large operators can use existing management platforms and retailer relationships to pursue portfolio expansion and operational improvements.
When Will the Transaction Close?
The boards of both Brixmor and Slate Grocery REIT have approved the transaction. Completion is expected in the first quarter of 2027, subject to approval by Slate unitholders and other customary closing conditions.
The deal is not subject to financing conditions, according to Brixmor’s announcement. The acquisition will provide Slate unitholders with $13 per unit in cash.
What the Deal Means for the US Retail Property Market
The acquisition is a major portfolio transaction in the US grocery-anchored retail sector. It combines direct ownership, joint venture investment and third-party management across a large collection of shopping centres.
For Brixmor, the deal creates opportunities to expand its portfolio and generate additional operating income. For the broader retail property market, it highlights institutional investor interest in grocery-anchored centres and the potential to create value through leasing and redevelopment.
The transaction’s eventual impact will depend on its completion and the new owners’ ability to execute their leasing, management and redevelopment plans.