Brixmor, Everview Partners form joint venture to buy Slate Grocery REIT assets for $1.71 billion
BRX•Brixmor and Everview Partners formed a joint venture to acquire Slate Grocery REIT in a $2.34 billion deal. Brixmor will buy 23 centers for $636 million and hold 20% common equity in the venture acquiring 92 additional centers for $1.71 billion.
1. Joint venture terms
Brixmor will acquire 23 grocery-anchored centers, mostly in Florida, Georgia and the Carolinas, for $636 million. The joint venture will buy 92 additional centers for $1.71 billion, with Everview holding 80% common equity and Brixmor holding 20%; Brixmor will also invest about $174 million of preferred equity, earning a 9% dividend.
