Phillips Edison & Company Announces $377.5 Million Expansion of Joint Venture with Northwestern Mutual
Phillips Edison & Company announced an amended and restated joint venture with Northwestern Mutual, expanding Grocery Retail Partners I LLC with a 13-center, grocery-anchored portfolio valued at approximately $377.5 million. Northwestern Mutual and PECO will hold roughly 86% and 14% of the venture, respectively, with the JV term extended 10 years to 2036. PECO continues to provide leasing, asset management, and property management services for recurring fees.
Key figures
- Deal Value Usd
- 377500000
- Peco stake
- approximately 14%
- States spanned
- 8
- Portfolio assets
- 13
- Pro forma jv aum
- $1.2 billion
- Jv term extension years
- 10
- Northwestern mutual stake
- approximately 86%
- Pro forma unconsolidated jv centers
- more than 40
AI analysis
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