Phillips Edison Grocery Center REIT II and TPG Real Estate have formed a partnership to acquire value added grocery anchored shopping centers throughout the United States. The joint venture will initially invest $250 million of combined equity with plans to leverage this capital to achieve a $750 million acquisition target. The goal is to start with an initial acquisition of six grocery anchored shopping centers.
Commenting on the Partnership, Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison Grocery Center REIT II, said, “This Partnership is a strong endorsement of our investment strategy and operating platform…Through this new vehicle, we are able to expand the REIT’s investment universe by taking advantage of acquisition opportunities that offer the potential for higher returns.”
