CINCINNATI—Phillips Edison Grocery Center REIT I Inc. (PECO I) said Thursday it had completed the acquisition of certain real estate assets and the third-party asset management business of its former sponsor and external advisor, Phillips Edison Limited Partnership. The combined company, now doing business as Phillips Edison & Co., is a non-traded REIT with a total enterprise value of approximately $4 billion. Reportedly it's the largest real estate trust focused exclusively on the grocery sector.

“We continue to believe in the strength of grocery-anchored shopping centers, which take full advantage of heavy and regular traffic generated by the grocer,” says Jeff Edison, the company's chairman and CEO. “These assets have proven to be recession-and e-commerce resistant, as on average each customer visits the grocery store 1.5 times per week.

“Our focus remains on acquiring and managing properties anchored by leading grocery and service-based retailers who continue to adapt as consumer preferences evolve,” adds Phillips, who says that the merger renders the company “better positioned to take advantage of future value creation opportunities, including a potential future liquidity event.”