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Brixmor to Acquire Slate Grocery REIT in $2.34 Billion Deal

The deal values the transaction at $2.34 billion and has Brixmor paying $636 million for 23 shopping centers covering about 3 million square feet, while a joint venture funds $1.71 billion for the remaining 92 assets.

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Brixmor Property Group and Everview Partners said they have entered into definitive agreements to acquire Toronto-based Slate Grocery REIT in a transaction valued at $2.34 billion, according to ConnectCRE.

Under the terms of the transaction and related joint venture agreements, Brixmor will effectively acquire a portfolio of 23 grocery-anchored shopping centers totaling about three million square feet for $636 million.

ConnectCRE also reported that a newly formed institutional joint venture between Brixmor and affiliates of Everview will pay $1.71 billion for the remaining 92 assets.

The report said a wholly owned subsidiary of the Abu Dhabi Investment Authority will act as a strategic investor alongside Everview.

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