Exterior of Publix supermarket PECO I’s portfolio includes Butler’s Crossing, a Publix-anchored center in Watkinsville, GA.

CINCINNATI—Phillips Edison Grocery REIT I (PECO I) is acquiring the real estate assets and third-party asset management business of its sponsor to create a pure-play grocery-anchored center REIT with an enterprise value of $4 billion. The cash-and-stock deal for Phillips Edison Limited Partnership (PELP) is valued at approximately $1 billion, subject to closing adjustments. As part of the deal, PECO I will assume about $501 million of debt.