Excel To Be Acquired By Blackstone In $2 Billion All-cash Deal

Excel Trust Inc. shares rallied 14% in premarket trade Friday, after the real estate investment trust agreed to be acquired by Blackstone Property Partners L.P. in an all-cash deal worth $2 billion. Blackstone will pay $15.85 a share, offering a nearly 15% premium over Excel's closing price on April 9. "Appetite for high-quality retail real estate is strong with cap rates and REIT stock multiples approaching historic levels and we did not believe the market accurately reflected the value of the assets," Excel Chief Executive Gary Sabin said in a statement. The deal is expected to close in the second half. Excel shares have gained 3.4% in the year so far, while the S&P 500 has gained 1.6%.