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Brixmor to buy Slate Grocery REIT in $2.34B deal
Brixmor will take 23 shopping centers outright for $636 million, while a joint venture it forms with Everview Partners and the Abu Dhabi Investment Authority will purchase the remaining 92 for $1.71 billion.
Brixmor Property Group, a publicly traded REIT with a shopping-center portfolio totaling 346 properties and more than 63 million square feet, has announced a deal to acquire Slate Grocery REIT for $2.34 billion, according to Commercial Observer.
The acquisition covers Slate Grocery REITs portfolio of 115 grocery-anchored, open-air retail centers, totaling 15.7 million square feet of real estate.
Under the terms of the transaction, Brixmor will acquire 23 shopping centers in Florida, Georgia, and the two Carolinas for $636 million.
Brixmor will also form an institutional joint venture with Everview Partners and the Abu Dhabi Investment Authority to acquire the remaining 92 assets for $1.71 billion, the outlet said.