REAL ESTATE

Phillips Edison & Co. merges with REIT

BY Al Urbanski

Stating that it wanted to create a larger portfolio of grocery-anchored shopping centers with more financial strength, Phillips Edison & Company announced it had completed a merger with Phillips Edison Grocery Center REIT II, a public non-traded REIT that was advised and managed by PECO.

The 100% stock-for-stock transaction has created a combined company with a total enterprise value of approximately $6.0 billion. PECO’s merger with REIT II creates a national portfolio with ownership interests in 334 grocery-anchored shopping centers encompassing approximately 37.7 million sq. ft. spanning 32 states.

“The combined entity will have increased access to the capital markets due to its enhanced size, scale and prominence,” said PECO chairman and CEO Jeff Edison.

“Having successfully managed grocery-anchored retail centers for over 27 years through numerous market cycles we remain bullish on the fundamentals supporting this asset class,” Edison added.

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