Brixmor Buys Slate Grocery REIT for $2.34bn as JPMorgan Sours on PepsiCo

Tuesday, 29 September 2026. Two very different consumer stories today: investors are paying up for grocery-anchored shopping centres, while one of the world's biggest snack makers has lost another fan on Wall Street. Here is what is going on.

Brixmor and Everview buy Slate Grocery REIT for $2.34bn

Brixmor Property Group and Everview Partners have agreed to buy Slate Grocery REIT for $13 per unit in cash, in a deal valued at $2.34 billion (Brixmor press release, Yahoo Finance).

• Brixmor will buy 23 grocery-anchored shopping centres, about 3 million sq ft, directly for $636 million. They are around 96% leased and mostly in Florida, Georgia and the Carolinas.
• A new joint venture will buy the remaining 92 centres, about 12 million sq ft, for $1.71 billion. Everview will own 80% of the common equity and Brixmor 20%, with Brixmor also putting in about $174 million of preferred equity paying 9%.
• A subsidiary of the Abu Dhabi Investment Authority is joining Everview as a strategic investor.
• The $13 price is about a 13% premium to Slate's 21 May close, before it began a strategic review, and about 20% above its 23 September close (Yahoo Finance).
• The deal is not subject to financing and is expected to close in the first quarter of 2027, pending unitholder approval.

JPMorgan downgrades PepsiCo near a 52-week low

JPMorgan analyst Andrea Teixeira cut PepsiCo to Neutral from Overweight on Tuesday and lowered estimates for fiscal 2027 and 2028 (Yahoo Finance, Investing.com).

• The price target was cut to $138 from $170. Deutsche Bank had already moved to Hold with a $138 target (Investing.com).
• PepsiCo shares are down 11.2% this year, while rival Coca-Cola is up 24% (Yahoo Finance).
• JPMorgan believes North American trends are still underperforming management's expectations, based on channel data and recent price rises.
• It called Frito-Lay North America's salty snacks performance lacklustre despite reformulations, packaging changes, extra spending and lower prices, and flagged new transport cost pressures for the fourth quarter.
• Strong international sales, helped by weather and the FIFA World Cup, are seen as one-offs.

Market backdrop

US stocks were lower through the session, with the Dow down about 0.7% and the S&P 500 down 0.4% at last check, as Treasury yields stayed near their highest since 2007 after this morning's weak consumer confidence reading (CNBC).

Sources

• Brixmor Property Group - Brixmor and Everview to acquire Slate Grocery REIT for $2.34 billion
• Yahoo Finance - Brixmor, Everview strike $2.3B Slate Grocery REIT deal
• Yahoo Finance - Why PepsiCo just got hit with a downgrade
• Investing.com - JPMorgan downgrades PepsiCo stock rating on North America woes
• CNBC - Stock market today live updates