Brixmor Property Group and Everview Partners have agreed to acquire Slate Grocery REIT in a transaction valued at $2.34 billion. Brixmor will acquire 23 grocery-anchored shopping centers totaling approximately three million square feet for $636 million, while a newly formed joint venture between Brixmor and Everview will buy the remaining 92 assets for $1.71 billion. A wholly owned subsidiary of the Abu Dhabi Investment Authority, or ADIA (Abu Dhabi's sovereign investment institution), will invest alongside Everview. Brixmor's portfolio is approximately 96% leased and lies within its existing operating footprint, mainly in Florida, Georgia and the Carolinas. Brixmor will own 20% of the joint venture's common equity, invest approximately $174 million of preferred equity paying a 9% dividend, and provide asset management, property management and leasing services. The transaction is expected to immediately increase Brixmor's Nareit FFO per share, a real estate investment trust earnings measure, and is expected to close in the first quarter of 2027 subject to Slate unitholder approval and customary conditions.