Phillips Edison – ARC Shopping Center REIT Evaluating Strategic Alternatives
Co-sponsored by Phillips Edison and AR Capital, Phillips Edison – ARC Shopping Center REIT announced today that it has enlisted the help of BofA Merrill Lynch and RCS Capital to evaluate possible strategic alternatives for the company. RCS Capital is the investment banking and capital markets division of Realty Capital Securities, LLC.
Formed in 2009, the REIT seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers that have both national and regional retailers that sell necessity-based goods and services, in strong markets across the U.S.
The company closed its initial public offering in February 2014 after raising about $1.74 billion in investor capital.
The REIT recently added a number of properties to its portfolio, bringing its ownership to 120 shopping centers totaling approximately 12.6 million square feet valued over $1.8 billion.