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PECO Family of Funds began in 2000 when Phillips Edison (PECO) formed the first PECO Opportunity Fund (Fund I). More than 200 accredited investors subscribed to the fund, which provided PECO with $20 million of equity to invest in value-added, anchored community shopping centers.
In 2002, PECO formed Fund II. Over 85% of the Fund I investors recommitted to the new fund, along with an additional 100 new investors, creating a $30 million equity fund. In 2003 Phillips Edison purchased AEGIS REALTY, a public REIT, for $180 million. Phillips Edison opened a follow-on subscription for Fund II and raised an additional $30 million. The total equity raised in Fund II was $60 million.
In 2005 Phillips Edison formed Fund III with Deutsche Bank as the placement agent. PECO raised $275 million from domestic and institutional investors. Phillips Edison invested $23 million in Fund III as a limited partner. Fund III was used to acquire a billion-dollar portfolio of 116 value-added, anchored community shoppings, encompassing over 12 million square feet. In 2007, Phillips Edison formed Development Fund I and raised $70 million of equity from 173 accredited investors. Development Fund I will focus on retail and mixed-use projects with multiple big-box anchors in strategic growth markets. With retail and mixed-use projects already under way, we are looking forward to the successful growth of our development business.
Phillips Edison has been an excellent steward of its investors' capital. Since inception, investors have committed more than $425 million of equity. PECO Family of Funds has provided investors with a unique opportunity to invest with one of the nation's leading private real estate operating companies in the top-performing real estate sector of anchored retail centers. Opportunities exist for value creation, typically through the turnaround of under-performing assets or ground-up development. Phillips Edison excels at value creation by employing a superior operating platform with a national presence.
HAL SCUDDER
SENIOR VICE PRESIDENT, PECO CAPITAL
(801) 983-6302
hscudder@phillipsedison.com SIGRID CAMPBELL
VICE PRESIDENT, PECO CAPITAL
(513) 619-5051
scampbell@phillipsedison.com NICOLE METHENA
DIRECTOR, PECO CAPITAL
(513) 619-5047
nmethena@phillipsedison.com EVAN POLASKI
ANALYST, PECO CAPITAL
(513) 619-5054
epolaski@phillipsedison.com |