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Phillips Edison Grocery Center REIT II, Inc. and TPG Real Estate announce partnership


Cincinnati -- Phillips Edison Grocery Center REIT II and TPG Real Estate announced the formation of a partnership to acquire high-quality, value-added grocery-anchored shopping centers throughout the United States. The Partnership will invest up to $250 million of equity and plans to leverage this capital to achieve a $750 million acquisition target. The Partnership will initially acquire six grocery-anchored shopping centers and will focus on growing the platform through add-on acquisitions located in fundamentally strong markets that present attractive return potential through operational and capital improvements.

“This Partnership is a strong endorsement of our investment strategy and operating platform, and we are excited to be partnering with TPG Real Estate, a leading private equity real estate investor,” stated Jeff Edison, chairman and CEO of Phillips Edison Grocery Center REIT II. “Through this new vehicle, we are able to expand the REIT’s investment universe by taking advantage of acquisition opportunities that offer the potential for higher returns.”

“We look forward to partnering with the Phillips Edison organization to create a scaled portfolio of grocery-anchored assets that will benefit from Phillips Edison’s operational expertise, as well as positive fundamental trends in the sector,” said Avi Banyasz, partner at TPG and co-head of TPG Real Estate.

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