Phillips Edison Grocery Center REIT to Internalize Management; Acquire 76 Shopping Centers from External Advisor

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…

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