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Wednesday, Oct 5, 2022
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Excel Shareholders Approve $2 Billion Acquisition By Blackstone

Shareholders of San Diego-based Excel Trust Inc. have formally approved the previously announced acquisition of the company by Blackstone Group, in a deal valued at approximately $2 billion.

Officials of Excel Trust (NYSE: EXL), a real estate investment trust, said in a statement that it expects the transaction to close on July 31, at which time trading of Excel’s shares will cease. Excel shareholders approved the acquisition at a special meeting held July 28.

Excel announced in April that it entered into a definitive agreement with New York-based Blackstone, under which Blackstone will acquire all outstanding shares of Excel Trust for $15.85 per share, in an all-cash transaction. Blackstone is making the investment through a real estate investment unit known as Blackstone Property Partners, which owns office, retail, industrial and multifamily assets in primary U.S. markets.

Headquartered in Rancho Bernardo, Excel Trust invests primarily in retail centers. Blackstone Group is among the world’s largest holders of equity and real estate, with approximately $92 billion in investor capital under management and a real estate portfolio that includes office, industrial, hotel, retail and residential properties worldwide.

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