Phillips Merges With Aegis in $102M Deal

BALTIMORE, MD-Local grocery-anchored shopping center owner and manager Phillips Edison & Co. has made a 27-property addition to its stable of 40 holdings with the recent acquisition of New York City-based Aegis Realty Inc.’s portfolio in a merger deal for nearly $102 million. The arrangement also calls for Phillips to take on $68.4 million in Aegis debt.

Members of Aegis’s board of directors hired investment advisor Robertson Stephens Inc. in 2001 to survey options for the sale of the company and its assets. With the completion of the transaction, Phillips has supplemented its portfolio by 3.1 million sf, bringing its total holdings to 8 million sf.

According to Phillips vice president of acquisitions Nate Tower, the properties are located in 14 states throughout the country including Alabama, Arizona, California, Florida, North Carolina, Oregon, Tennessee and Virginia.