Phillips Edison Enters $700M Credit Facility

CINCINNATI—As reported in GlobeSt.com, Phillips Edison & Company and AR Capital, LLC sponsor Phillips Edison-ARC Shopping Center REIT Inc., one of the most active buyers of shopping centers in the US, and are also raising equity for another non-traded REIT, called Phillips Edison-ARC Grocery Center REIT II. And yesterday, officials from the latter said they had entered into a credit facility that provides aggregate revolving loan borrowings of up to $200 million. Due to an accordion feature, the trust can increase the facility to up to $700 million.

Company officials say they will use the proceeds from the facility to acquire “well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit worthy retailers selling necessity-based goods and services in strong markets throughout the US.”