Blackstone Agrees to Purchase Excel Trust for About $2 Billion

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Blackstone Property Partners LP agreed to buy Excel Trust, Inc. in an all-cash transaction valued at about $2 billion.

The deal has been approved by Excel’s board of directors and the price of $15.85 a share is about 15 percent higher than the stock’s closing value on April 9, Excel said in a statement Friday. Excel, an owner of shopping centers, plans to pay a dividend of 18 cents on April 15 and an additional dividend in July.

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