Excel Trust Names Luke J. Petherbridge as President and Chief Executive Officer
April 28 2016 - 5:05PM
Business Wire
Excel Trust (the "Company") announced its appointment of Luke J.
Petherbridge as Chief Executive Officer and President.
Mr. Petherbridge is an experienced retail real estate executive
and currently serves as the Chief Financial Officer and Treasurer
of DDR Corp. (NYSE:DDR) a power center REIT with 352 value-oriented
shopping centers, representing 113 million square feet in 37 states
and Puerto Rico under management. At DDR Corp., Mr. Petherbridge
has overseen the execution of $5 billion of real estate
transactions, raised over $9 billion of long-term capital and
supported various strategic initiatives.
Excel Trust was acquired by a fund managed by Blackstone Real
Estate (“Blackstone”) in 2015. Through additional acquisitions, the
Company’s leased and managed portfolio will have more than doubled
to include over 80 retail assets covering 19 million square feet.
The portfolio consists of high quality open-air shopping centers
with concentrations in California, Texas, New York and Florida.
Nadeem Meghji, Co-head of US Acquisitions for Blackstone Real
Estate said, “Our goal is to continue to scale our investment in
the open-air retail space and for Excel Trust to be a premier
retail owner and operator in the US. We believe Luke is incredibly
talented and his prior experience makes him well qualified to lead
the Company as we accelerate our growth in the sector. We have
worked successfully with Luke on multiple transactions over the
past five years, and it’s with great pleasure that we welcome him
to the team.”
Regarding his new role, Mr. Petherbridge said “I am excited
about the opportunity to lead Excel Trust and look forward to
working with the team, retailers, and ownership to optimize
portfolio operations and continue to grow the Company. I believe
the team, defined strategy and support of Blackstone will allow us
to become an industry leader and create significant value. Our goal
is to build a best-in-class platform of dominant retail assets
which will continue to attract tenants and their customers in a
dynamic retail environment.”
About Excel Trust:
Excel Trust is a retail focused real estate investment trust
(REIT) that owns, manages and leases primarily open-air, power and
grocery anchored shopping centers.
About Blackstone:
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has
approximately $101 billion in investor capital under management.
Blackstone’s real estate portfolio includes hotel, office, retail,
industrial and residential properties in the US, Europe, Asia and
Latin America. Major holdings include Hilton Worldwide, Invitation
Homes (single family homes), Logicor (pan-European logistics), SCP
(Chinese shopping malls) and prime office buildings in the world’s
major cities. Blackstone Real Estate also operates one of the
leading real estate finance platforms, including management of the
publicly traded Blackstone Mortgage Trust.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with $344 billion in assets under management, include
investment vehicles focused on private equity, real estate, public
debt and equity, non-investment grade credit, real assets and
secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
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