Expansion In Full Swing: Phillips Edison Acquires Texas-Based Lake Pointe Market
Portfolio Pulse from Nabaparna Bhattacharya
Phillips Edison & Company, Inc. (NASDAQ:PECO) has acquired Lake Pointe Market, a grocery-anchored neighborhood shopping center in Rowlett, Texas. The acquisition is part of PECO's plan to acquire $200 to $300 million in net acquisitions this year. The financial terms of the deal were not disclosed. PECO shares are trading lower by 0.12% to $34.32.
August 30, 2023 | 3:51 pm
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Phillips Edison & Company has acquired Lake Pointe Market, marking its 12th shopping center in the Dallas/Fort Worth Metroplex. The acquisition is part of PECO's larger acquisition plan for the year.
The acquisition of Lake Pointe Market is part of PECO's larger acquisition plan for the year, which aims to acquire $200 to $300 million in net acquisitions. This could potentially increase PECO's assets and revenues in the long term. However, the short term impact on the stock price is neutral as the financial terms of the deal were not disclosed and the stock is currently trading lower.
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