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Excel Trust stockholders approve $2 billion acquisition by Blackstone

Staff writer |
Excel Trust announced that its common stockholders approved the acquisition of Excel Trust by Blackstone at its special meeting of stockholders.

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As announced previously, on April 10, 2015 Excel Trust entered into a definitive agreement with Blackstone, under which Blackstone will acquire all outstanding shares of common stock of Excel Trust for $15.85 per share in an all-cash transaction valued at approximately $2 billion.

Subject to the satisfaction or waiver of all closing conditions related to the transaction, Excel Trust expects the transaction to close on July 31, 2015, at which time trading of the Company's shares on the New York Stock Exchange will cease.

In connection with the closing of the merger, all outstanding shares of the Company's Series A preferred stock and Series B preferred stock will be redeemed. 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.

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