Slate Grocery REIT Secures Court Order for Planned Acquisition
A Canadian grocery-anchored REIT has obtained an interim court order tied to a buyout by a Brixmor-Everview joint venture.
Slate Grocery REIT (TSX: SGR.U / SGR.UN) announced it has received an interim order from the Ontario Superior Court of Justice (Commercial List) in connection with a proposed acquisition of the trust by EP/BRX Holdings LLC, a joint venture formed between an affiliate of Brixmor Property Group Inc. and affiliates of Everview Partners, L.P.
The Toronto-based REIT, which owns and operates grocery-anchored retail properties across the United States, said the interim order is a procedural step that paves the way for a unitholder meeting and the circulation of related disclosure materials to investors.
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The announcement signals that the deal is advancing through the required legal and regulatory process in Canada. Interim court orders in transactions of this type typically authorize the trust to call a special meeting and distribute an information circular outlining the terms of the proposed transaction for unitholder consideration.
Brixmor Property Group is a publicly traded U.S. real estate investment trust focused on open-air shopping centers, while Everview Partners is a private investment firm. Their joint vehicle, EP/BRX Holdings LLC, is positioned as the acquiring entity for all units of Slate Grocery REIT under the proposed deal. Details regarding the meeting date, vote thresholds, and full transaction terms are expected to be contained in the forthcoming management information circular.
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