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Blackstone Closes on Excel Trust Buy

By Tony Seruga

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“We greatly appreciate the trust our shareholders placed in us,” says Sabin.

SAN DIEGO—Excel Trust Inc. said Friday that theBlackstone Group had completed its $2-billion acquisition of the locally based retail REIT. Blackstone made the acquisition, first reported in April on GlobeSt.com, viaBlackstone Property Partners, its core-plus real estate investment unit.

“In 2010, we set out to assemble a strong portfolio of open-air centers that would generate attractive returns,” saysGary Sabin, Excel’s chairman and CEO. “We greatly appreciate the trust our shareholders placed in us, and are pleased to see our efforts validated through this transaction with Blackstone.”…

Blackstone Closes on Excel Trust Buy

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