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Phillips Edison Grocery Center REIT II, Inc. and TPG Real Estate Announce Partnership

March 24, 2016

CINCINNATI AND NEW YORKMarch 23, 2016 Phillips Edison Grocery Center REIT II, Inc. and TPG Real Estate, the real estate platform of leading global private investment firm TPG, today announced the formation of a partnership (the “Partnership”) to acquire high-quality, value-added grocery-anchored shopping centers throughout the United States. The Partnership will invest up to $250 million of equity and plans to leverage this capital to achieve a $750 million acquisition target. The Partnership will initially acquire six grocery-anchored shopping centers and will focus on growing the platform through add-on acquisitions located in fundamentally strong markets that present attractive return potential through operational and capital improvements.

Commenting on the Partnership, Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison Grocery Center REIT II, said, “This Partnership is a strong endorsement of our investment strategy and operating platform, and we are excited to be partnering with TPG Real Estate, a leading private equity real estate investor. Through this new vehicle, we are able to expand the REIT’s investment universe by taking advantage of acquisition opportunities that offer the potential for higher returns.”

Avi Banyasz, Partner at TPG and Co-Head of TPG Real Estate, said, “We look forward to partnering with the Phillips Edison organization to create a scaled portfolio of grocery-anchored assets that will benefit from Phillips Edison’s operational expertise, as well as positive fundamental trends in the sector.”

Ryan Moore, Principal of Investment Management for Phillips Edison & Company, also added, “We believe there is a meaningful opportunity on a national scale to accumulate a high-quality portfolio of grocery-anchored centers that will attract a premium valuation at exit.” 

About Phillips Edison Grocery Center REIT II, Inc.

Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of March 1, 2016, the Company owned and managed an institutional quality retail portfolio consisting of 64 grocery-anchored shopping centers totaling 7.4 million square feet of gross leasable area.  For more information on the Company, please visit the Company’s website at www.grocerycenterREIT2.com.

About TPG Real Estate

TPG Real Estate (“TPGRE”) is the real estate platform of TPG, a leading global private investment firm with approximately $70 billion of assets under management and 17 offices around the world. TPGRE includes both TPG Real Estate Partners, its equity investment platform, and TPG Real Estate Finance Trust, its debt origination and acquisition platform. Collectively, the two platforms have in excess of $7 billion of assets under management.  TPG Real Estate Partners has invested or committed to invest approximately $3.5 billion of equity in North America and Europe since 2009 and focuses primarily on investments in property-rich platforms and companies. TPG Real Estate Partners leverages the full resources of TPG in its value-added approach to investing to optimize property performance and enhance platform capabilities. TPG Real Estate Finance Trust manages an approximately $2.6 billion commercial real estate loan portfolio and originates and acquires senior and mezzanine real estate loans across a broad spectrum of asset classes in North America. For more information please visit www.tpg.com

Forward-looking Statements

This press release contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. You should not rely on these forward-looking statements because the matters they describe are subject to the factors detailed under Risk Factors in our most recent Form 10-K and subsequent Forms 10-Q on file with the Securities and Exchange Commission, such as the risks that retail conditions may adversely affect our base rent and, subsequently, our income, that our properties consist primarily of retail properties and our performance, therefore, is linked to the market for retail space generally, as well as other known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements.

For Phillips Edison:

Ryan Moore
Phillips Edison & Company
513-746-2611
rmoore@phillipsedison.com

OR

Angela Bonnici
ICR
646-277-1276
pecopr@icrinc.com

For TPG:

Luke Barrett
TPG
212-601-4752
lbarrett@tpg.com

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