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Aegis to Merge with PECO in $170M Deal

NEW YORK CITY-Locally based REIT Aegis ends a yearlong search for a buyer with an agreement to merge with a subsidiary of Phillips Edison Ltd. If approved, Aegis will sell off its entire portfolio of 28 shopping centers in 15 states.

By Glen Thompson | Updated on December 26, 2002

NEW YORK CITY-Shopping Center REIT Aegis Realty Inc., headquartered here, has signed a merger agreement with Cincinnati-based Phillips Edison Ltd. Under the terms of the $170.2-million deal, Aegis real estate assets will be folded into a subsidiary of PECO.

Aegis holdings comprise 28 community shopping centers in 15 states with more than 3.1 million sf of leasable space. Under the terms of the deal, PECO will pay $11.52 per share for Aegis common stock. The transaction marks a major hurdle in a yearlong marketing effort by Aegis and its financial advisor, RBC Capital Markets, to sell the REIT and its assets.

“After an extensive process and a careful evaluation of the alternatives generated by the RBC engagement, we believe this transaction will provide our shareholders with the best combination of value and liquidity,” says Stuart J. Boesky, chairman, CEO and president of Aegis.

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