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Phillips Edison Grocery Center REIT I completes $1B transaction

Phillips Edison Grocery Center REIT I Inc. completed its purchase of the real estate assets and third-party asset management business of its former sponsor and external adviser in an approximately $1 billion cash-and-stock deal.

The deal forms an internally managed, publicly registered, nontraded real estate investment trust with a total enterprise value of roughly $4 billion.

The combined entity is focused on grocery-anchored shopping centers and possesses a portfolio of 235 shopping centers spanning roughly 26.2 million square feet across 32 states, and a third-party asset management business that manages over $2 billion of grocery-anchored shopping centers.

Phillips Edison has tapped independent third-party valuation firm Duff & Phelps to perform a valuation of the combined company. The company expects an updated estimated value per share to be established during the fourth quarter.

Following the deal, Phillips Edison shareholders own roughly 80.6% of the combined entity.

The merger was approved by 91.4% of the shares that voted on the matter at the company's annual meeting of stockholders Sept. 20.