Phillips Edison & Company Acquires Grocery-Anchored Shopping Center In Partnership With Cohen & Steers Income Opportunities REIT; The Acquisition Was Made Through A Programmatic Joint Venture Targeting $300M In Equity And Owned 80% By CNSREIT And 20% By PECO
Portfolio Pulse from Benzinga Newsdesk
Phillips Edison & Company (PECO) and Cohen & Steers Income Opportunities REIT (CNSREIT) have acquired Des Peres Corners, a grocery-anchored shopping center in Missouri, through a joint venture targeting $300 million in equity. The venture is owned 80% by CNSREIT and 20% by PECO.
July 25, 2024 | 8:15 pm
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Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Des Peres Corners in Missouri through a joint venture with Phillips Edison & Company. The venture targets $300 million in equity and is 80% owned by CNSREIT.
The acquisition of a grocery-anchored shopping center through a significant joint venture is likely to positively impact CNSREIT's stock in the short term due to the expansion of its asset base and potential revenue growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Phillips Edison & Company (PECO) has acquired Des Peres Corners in Missouri through a joint venture with Cohen & Steers Income Opportunities REIT. The venture targets $300 million in equity and is 20% owned by PECO.
The acquisition of a grocery-anchored shopping center through a significant joint venture is likely to positively impact PECO's stock in the short term due to the expansion of its asset base and potential revenue growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100