Phillips Edison Grocery Center REIT I, a publicly registered non-traded real estate investment trust, set the date for its annual meeting of stockholders where investors will vote to internalize management of the company. The meeting will be held at 8:00 a.m. on September 20th at 11501 Northlake Drive in Cincinnati, Ohio.
As previously reported by The DI Wire, the company has agreed to acquire the real estate assets and third-party asset management business of its sponsor and external advisor, Phillips Edison Limited Partnership, in a stock and cash transaction valued at approximately $1 billion. The transaction is expected to close during the fourth quarter of 2017, subject to stockholder approval.
If the transaction is approved, it will create an internally-managed, non-traded grocery-anchored shopping center REIT with 230 properties and an expected enterprise value of approximately $4 billion.
Phillips Edison Grocery Center REIT I launched in August 2010 and raised nearly $1.8 billion before closing the offering in the first quarter of 2014. Shares were originally sold for $10.00 each. The company’s portfolio consists of 154 properties with a combined purchase price of approximately $2.5 billion.
Phillips Edison Limited Partnership has focused on the grocery-anchored shopping center sector since 1991, and its operating platform provides retail services including acquisition, redevelopment, leasing and management of grocery-anchored retail centers.