Aegis to Merge With Phillips Edison

Aegis Realty Inc., a New York City-based real estate investment trust, has agreed to merge into a subsidiary of Phillips Edison Ltd., a privately held owner of grocery-anchored community shopping centers, for a total consideration of up to $170.2 million.Under the merger agreement, Phillips will acquire the REIT's entire portfolio of shopping center assets, which consists of 28 community shopping centers in 15 states, Aegis said. The total price includes the purchase of all Aegis common stock, options to buy common stock, and operating partnership units of Aegis Realty Operating Partnership LP for approximately $101.8 million and the assumption of $68.4 million of the REIT's debt. Each share of Aegis common stock will be converted into the right to receive $11.52 per share in cash. Aegis said the transaction was the result of a year-long process of exploring options with its financial adviser, RBC Capital Markets.