Excel Trust Announces $300M IPO Offering

Excel Trust, a newly formed retail REIT targeting value oriented community properties, filed last Thursday with the SEC to raise up to $300 million in an initial public offering. The San Diego, CA-based company plans to acquire, finance, develop, lease, own and manage community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust, which was incorporated on Dec. 15 of this year and has no operating history to date, 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, for which pricing terms and timing were not disclosed