Slate Delivers Strong Return for Investors in North American Essential Real Estate Strategy

• A joint venture between Brixmor Property Group Inc (“Brixmor”) and Everview Partners, L.P. (“Everview”) to acquire Slate’s joint venture interests in Slate Grocery REIT properties
• Outcome validates grocery-anchored essential real estate as an institutional-grade asset class
• Slate plans capital redeployment into North American grocery-anchored real estate

TORONTO--(BUSINESS WIRE)--Slate Asset Management ("Slate" or the "Firm"), a global investor and manager focused on essential real estate and infrastructure, today announced that in connection with the proposed acquisition of Slate Grocery REIT, Slate’s North American essential real estate strategy has agreed to sell its joint venture interests in the grocery-anchored portfolio to Brixmor and Everview. The proposed sale delivers a strong return for investors in the strategy and reflects the desirability of grocery-anchored real estate as an asset class.

"This outcome supports what we have long believed: that grocery-anchored real estate is a high-quality, in-demand asset class, and active in-house management can create measurable value for investors. We are proud of the institutional caliber portfolio our team built and managed, and we are immediately focused on what comes next: redeploying capital into grocery-anchored real estate in North America and continuing to grow Slate's grocery platform in Europe, which is already one of the largest portfolios on the continent," said Blair Welch, Co-Founding Partner, Slate Asset Management.

The purchase price reflects the institutional quality of the portfolio Slate's team assembled and managed over more than 15 years and confirms what this asset class has demonstrated: grocery-anchored real estate — assets communities rely on for everyday needs — has commanded sustained demand from some of the world's leading institutional investors.

Slate continues to have high conviction in the asset class. Proceeds will be redeployed into North American grocery-anchored real estate, and Slate expects to remain an active acquiror of essential real estate assets across both North America and Europe. Slate's European grocery platform, already one of the largest on the continent with over 500 assets, continues to grow.

The acquisition of Slate Grocery REIT by Brixmor and Everview remains subject to unitholder approval and customary closing conditions and is expected to close in the first quarter of 2027.

Advisors

J.P. Morgan Securities LLC and BMO Capital Markets acted as financial advisors to Slate Asset Management. KPMG provided tax advisory services. McCarthy Tétrault LLP acted as legal counsel.

About Slate Asset Management

Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. Slate Asset Management focuses on fundamentals with the objective of creating long-term value for its investors and partners across the real assets space. Slate Asset Management is supported by exceptional people and flexible capital, which enable it to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.