Slate Grocery REIT has agreed to be acquired by Brixmor Property Group Inc. and Everview Partners in a transaction valuing the Toronto-listed trust at US$2.3-billion.
Under the terms of the agreement, the buyers will pay US$13 per unit in cash to take the trust private. Slate Grocery REIT owns a portfolio of U.S. grocery store-anchored real estate properties, though it is listed on the Toronto Stock Exchange.
The deal comes after Slate launched a review of strategic alternatives in May, a process companies typically undertake to evaluate options such as a sale, merger or other restructuring.
Special Committee Cites Certainty of Value
Marc Rouleau, chair of Slate’s special committee, said the transaction gives unitholders immediate liquidity along with certainty of value at what he described as an attractive all-cash price.
Brixmor Property Group owns and operates a portfolio of open-air shopping centres across the United States. Everview Partners is described as a private investment management firm.
Deal Timeline and Next Steps
The transaction still requires approval from Slate Grocery REIT unitholders before it can proceed. Assuming that approval is secured, the deal is expected to close in the first quarter of 2027.
The acquisition would result in Slate Grocery REIT’s units no longer trading publicly once the transaction is completed, as the trust transitions to private ownership under Brixmor and Everview Partners.
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