CINCINNATI—As reported in GlobeSt.com, Phillips Edison & Co. said Thursday it plans to spin off its strategic investment and net lease investment businesses into a standalone company known as PECO Real Estate Partners, or PREP. The new company will acquire single-tenant retail, power and lifestyle centers, enclosed malls and mixed-use retail projects. The parent company, Cincinnati-based PECO, will stick to its focus on acquiring grocery-anchored shopping centers.
Company officials say the move will simplify the business and streamline operations and they also expect that each one's investment strategies to largely remain the same.
“PECO tends to focus on more core and core plus products, while PREP is focused on more value add to opportunistic products,” Jeff Edison, principal and chief executive officer of Phillips Edison & Co., tells GlobeSt.com. “That said, grocery-anchored centers can fall into any of these categories, and strong operators like both PECO and PREP are mitigating risk in all categories through their superior operating platforms.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
