Phillips Edison & Company merges with REIT
In a 100% stock-for-stock transaction, Phillips Edison & Company has merged with its internally managed real estate investment trust, Phillips Edison Grocery REIT II.
The addition of the REIT’s 86 shopping centers will give PECO a total of 323 properties, perhaps the largest portfolio of grocery-anchored centers in the United States.
CEO Jeff Edison said the deal creates an entity with improved liquidity and greater access to capital markets.
“The combined entity will continue to provide our tenants with the same superior service that they are used to, and we believe the transaction will increase our market prominence as a strong leader in the grocery-anchored shopping center asset class,” Edison told Chain Store Age.
An advisory agreement between REIT II and PECO is terminated with the merger, effectively eliminating $14 million in annual expenses for the REIT.
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The addition of the REIT’s 86 shopping centers will give PECO a total of 323 properties, perhaps the largest portfolio of grocery-anchored centers in the United States.
CEO Jeff Edison said the deal creates an entity with improved liquidity and greater access to capital markets.
“The combined entity will continue to provide our tenants with the same superior service that they are used to, and we believe the transaction will increase our market prominence as a strong leader in the grocery-anchored shopping center asset class,” Edison told Chain Store Age.
An advisory agreement between REIT II and PECO is terminated with the merger, effectively eliminating $14 million in annual expenses for the REIT.
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