Phillips Edison's transaction has created the largest REIT exclusively focused on grocery-anchored shopping centers.
It acquired certain real estate assets and the third-party asset management business of its former sponsor and external advisor, Phillips Edison Limited Partnership.
The new entity has an enterprise value of roughly $4 billion.
It 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.
