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CINCINNATI—Phillips Edison & Co. said Thursday it plans to spin off its strategic investment and net lease investment businesses into a standalone company. To be known as PECO Real Estate Partners, or PREP, the newly created company will acquire single-tenant retail, power and lifestyle centers, enclosed malls and mixed-use retail projects. The parent company, PECO, will stick to its knitting, with a focus on building its grocery-anchored shopping center portfolio, currently at more than 270 properties coast to coast.

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