Renaissance Capital logo

Retail REIT Excel Trust discloses IPO terms

April 12, 2010
EXL

Excel Trust, a self-managed retail REIT targeting value-oriented community properties, announced terms for its IPO on Monday. The San Diego, CA-based company plans to raise $255 million by offering 15 million shares at a price range of $16-$18. At the mid-point of the proposed range, Excel Trust will command a market value of $271 million. Excel Trust, which expects to own an initial portfolio of 16 retail properties upon completion of its IPO, plans to list on the NYSE under the symbol EXL. Morgan Stanley, Barclays Capital and UBS Investment Bank are the lead underwriters on the deal, which is expected to price the week of April 19th.