HFF Arranges a $414.5M Joint Venture for 20 High-Quality Retail Centers
HFF (HF)
Last hff earnings: 4/24 04:15 pm
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US:NYSE Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=205281&p=irol-irhome
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- Holliday Fenoglio Fowler, L.P. (HFF) announces today that it acted as exclusive financial advisor to Phillips Edison & Company, Inc. (“PECO”) and its affiliate in facilitating the formation of Grocery Retail Partners I (“GRP I”) and Grocery Retail Partners II (“GRP II”), two joint venture partnerships totaling $414.5 million in asset value and encompassing 20 high-quality, grocery-anchored shopping centers in what is the largest shopping center recapitalization of the year. Working on behalf of PECO and Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), which is a REIT sponsored and managed by PECO, the HFF team arranged GRP I and GRP II JVs with Northwestern Mutual as the partner. Under the terms of GRP I, Northwestern Mutual acquired an 85-percent interest in the 17-center portfolio, which is currently valued at $368 million. PECO maintained 15-percent owner
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