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Phillips Edison Grocery Center REIT I To Acquire 76 Shopping Centers

The resulting entity will be an internally-managed, non-traded grocery-anchored shopping center REIT with an expected total enterprise value of $4 billion.

Phillips Edison Grocery Center REIT I Inc. (PECO I) will acquire the real estate and asset management business of its sponsor and external advisor, Phillips Edison LP, in a stock-and-cash transaction valued at $1 billion. 

The resulting entity will be an internally-managed, non-traded grocery-anchored shopping center REIT with an expected total enterprise value of $4 billion. Philips Edison LP owns and operates 76 shopping centers in 22 states totaling 8.7 million square feet.

The post-transaction enterprise will own a nationally-diversified portfolio of 230 shopping centers in 32 states totaling 25.5 million square feet.

With the acquisition of the asset management business from the limited partnership, Cincinnati-based PECO I will also take over management of its sister REIT, Phillips Edison Grocery Center REIT II, which owns 78 properties in 24 states totaling 9.6 million square feet, as well as future properties owned by the newly launched Phillips Edison Grocery Center REIT III, which has yet to begin fundraising and investing.

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