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Oct

09

Grocery-Focused REIT Completes $1B Sponsor Buy

By Tony Seruga

Phillips Edison’s transaction has created the largest REIT exclusively focused on grocery-anchored shopping centers. The new entity has an enterprise value of roughly $4 billion.

In a roughly $1 billion deal, Phillips Edison Grocery Center REIT I Inc. has acquired certain real estate assets and the third-party asset management business of its former sponsor and external advisor, Phillips Edison Limited Partnership.

The result of the transaction is an internally managed, publicly registered, non-traded REIT that focuses exclusively on grocery-anchored shopping centers. The new entity has a total enterprise value of about $4 billion and owns a diversified portfolio of 235 shopping centers in 32 states and totaling about 26.2 million square feet. In addition, its third-party asset management business manages more than $2 billion worth of grocery-anchored shopping centers…

Grocery-Focused REIT Completes $1B Sponsor Buy

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