SAN DIEGO—Excel Trust Inc. said Friday that the Blackstone Group had completed its $2-billion acquisition of the locally based retail REIT. Blackstone made the acquisition, first reported in April on GlobeSt.com, via Blackstone 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,” says Gary 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.”

When the deal with Blackstone was first announced, Sabin commented, “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. This led the board to conclude it was time to more fully assess the value of our portfolio. After reviewing our options, we were pleased to have a group with Blackstone's reputation step forward with this offer.”

Pursuant to the acquisition, Excel shareholders will be entitled to receive $15.85 in cash, without interest, in exchange for each share of common stock they own. All outstanding shares of the company's Series A preferred stock will be redeemed for $28.8993 per share in cash, and all outstanding shares of Series B preferred stock will be redeemed for $25.0846 per share in cash. Excel Trust stock no longer trades on the New York Stock Exchange.

Morgan Stanley & Co. LLC acted as financial advisor to Excel and Latham & Watkins LLP acted as its legal advisor. Eastdil Secured acted as Blackstone's lead financial advisor, and Barclays also served as a financial advisor in connection with the transaction. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone.