Phillips Edison & Company Announces $377.5 Million Expansion of Joint Venture with Northwestern Mutual

Phillips Edison & Company (PECO) expanded its joint venture with Northwestern Mutual by $377.5 million, extending the partnership through 2036. The expansion involves transferring 13 grocery-anchored shopping centers to the joint venture, with Northwestern Mutual holding 86% and PECO retaining 14%. PECO will continue providing management services and use the capital generated to fund future acquisitions and development opportunities. Following completion, PECO's unconsolidated joint venture portfolio is expected to include over 40 shopping centers valued at approximately $1.2 billion.