Brixmor Pays a 20% Premium to Own Every Grocery-Anchored Strip Mall Slate Has

Brixmor Property Group and Everview Partners have agreed to acquire Slate Grocery REIT for $13.00 per unit in an all-cash transaction valued at roughly $2.3 billion, a 13% premium to the REIT's price in late May and a 20% premium to where it closed just days before the deal was announced. Slate Grocery REIT owns and operates grocery-anchored shopping centers across major U.S. metro markets, the kind of real estate landlords have leaned into as e-commerce keeps eating into other categories of retail.

Slate's special committee chair, Marc Rouleau, said the deal "provides Unitholders with immediate liquidity and certainty of value at an attractive all-cash price," while chief executive Blair Welch called it validation of a long-held thesis, that grocery-anchored essential real estate is a high-quality, in-demand asset class. The transaction is expected to close in the first quarter of 2027, pending unitholder and court approval.

The premium says as much about the buyers' confidence as it does about the sellers' timing. Grocery-anchored centers have become one of the few retail real estate categories investors trust to stay full, tenant turnover and all, and Brixmor is paying up to add Slate's entire portfolio in one move rather than assembling it property by property.

Source: Business Wire

Kyle Duford, Founder & Editor, BRNDWIRE. More from Kyle →