SAN DIEGO—Excel Trust Inc., a retail-focused REIT that primarily targets community shopping centers, power shopping centers and grocery-anchored neighborhood centers, has entered into a definitive agreement with Blackstone Property Partners L.P. 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. The announcement comes on the heels of the firm’s announcement Friday morning that GE has agreed to sell the bulk of its GE Capital Real Estate platform to the Blackstone Groupand Wells Fargo in a deal worth about $23 billion.

In addition,as also reported Friday, the GE that emerges from the company’s simplification process will derive more than 90% of its revenues from its high-return industrial businesses, including aircraft, healthcare and energy. At the peak of the last cycle, when GE’s financial services and real estate holdings were at their peak, the industrial side represented less than half that percentage of the total.

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