Phillips Edison to Acquire Limited Partnership, Create $4B Shopping Center REIT
May 22, 2017 | by TAYLOR WILLIAMS | RebusinessOnline
CINCINNATI — Phillips Edison Grocery REIT I Inc. (OTC: PHLD) has entered into an agreement to acquire the real estate assets and third-party asset management business of its sponsor firm, Phillips Edison Limited Partnership (PELP), in a stock and cash transaction valued at roughly $1 billion.
The transaction is expected to close during the fourth quarter.
Upon closing, the transaction will create a non-traded shopping center REIT with a total enterprise value of approximately $4 billion. The new REIT will own 230 grocery-anchored shopping centers spanning roughly 25.5 million square feet across 32 states.
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