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Wednesday, 29 August 2018

Phillips Edison Eyes Merging with REIT Affiliate as Possible Precursor to Public Listing of Shares

Phillips Edison & Co., a 27-year-old specialist in grocery-anchored retail centers, has struck a deal to merge with its Phillips Edison Grocery Center REIT II Inc. affiliate, creating an internally managed company that will own and operate 321 grocery-anchored shopping centers with 36.6 million square feet in 33 states. That would make it among the largest player in the field.

 

 

 

Commercial Real Estate Direct Staff Report

Phillips Edison & Co., a 27-year-old specialist in grocery-anchored retail centers, has struck a deal to merge with its Phillips Edison Grocery Center REIT II Inc. affiliate, creating an internally managed company that will own and operate 321 grocery-anchored shopping centers with 36.6 million square feet in 33 states.

The move likely would be a precursor to a public listing of the company's common shares, which would allow it to provide liquidity to its investors.

Phillips Edison is the former Phillips Edison Grocery Center REIT I Inc., a non-traded company that was launched in 2010. At the time, it had partnered with what then was American Realty Capital Advisors, then the most prolific sponsor of non-traded REITs, to raise capital for the REIT, then known as Phillips Edison - ARC Shopping Center REIT Inc. The company was renamed when American Realty pulled out of the non-traded REIT sector in 2015.

In 2017, Phillips Edison, the REIT's sponsor, merged with the REIT, creating an internally managed operation.

In a regulatory filing describing the merger with Grocery Center REIT II, Phillips Edison indicated that the transaction would "actively" position the company for liquidity. The deal would create a $6.3 billion enterprise that would be among the largest owners of grocery-anchored retail centers, topped in number of...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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