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Slate Grocery REIT said it entered a definitive agreement to be acquired by a joint venture between Brixmor Property Group and Everview Partners for US$13.00 per unit in cash. The transaction values the REIT at about US$2.3 billion and is subject to unitholder approval.
Brixmor will hold 20% common equity in the joint venture; Everview will hold 80%. Brixmor also plans about $174 million of preferred equity at a 9% dividend.
Brixmor Property: Joint Venture With Everview Partners to Acquire an Additional 92 Centers for $1.71B >BRX
Brixmor to Acquire 23 Grocery-Anchored Shopping Centers in Existing Markets for $636 Million —- Capital Efficient Strategic Joint Venture with Everview Partners to Acquire an Additional 92 Centers for $1.71 Billion -- Provides Immediate Earnings Accretion to Brixmor and Leverages Brixmor's Best-i…