Blackstone to Acquire Excel Trust for $2 Billion
04.10.15
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The Firm is representing Blackstone in connection with its acquisition of Excel Trust, Inc. in an all-cash transaction valued at approximately $2 billion. Completion of the transaction, which is currently expected to occur in the second half of 2015, is contingent upon customary closing conditions, including the approval of Excel Trust's stockholders.
Blackstone will be making this investment through Blackstone Property Partners ("BPP"), its Core+ real estate investment unit. BPP targets substantially stabilized office, retail, industrial, and multifamily assets located in primary U.S. markets.
Excel is a retail focused real estate investment trust that primarily targets community shopping centers, power shopping centers, and grocery anchored neighborhood centers. Excel's shares trade on the New York Stock Exchange under the symbol "EXL."
The Simpson Thacher team includes Brian Stadler, Erik Wang and Katharine Thompson (M&A); Erik Quarfordt, Alex Labowitz, Frank Mangiatordi, Michael Goldberg and Scott Farmer (Real Estate); Nancy Mehlman and Jodi Sackel (Tax); Richard Fenyes and Edgar Lewandowski (Capital Markets); Greg Grogan, Andrew Blau and Holly Gurian (Executive Compensation); and Adeeb Fadil and Louise Kruger (Environmental).