Blackstone Will Buy Excel Trust for $2B
It’s Black[stone] Friday, folks. Excel Trust, a REIT that focuses on retail properties, announced today that Blackstone’s buying all its outstanding shares at $15.85/share in an all-cash deal valued at about $2B. The deal comes in at almost 15% above the stock’s closing price yesterday. Excel CEO Gary Sabin says he doesn’t think the market right now reflects the high demand for high-quality retail assets. The deal will close in the second half of this year.