Excel Trust Named New President & CEO for Extended Portfolio
- Apr 29, 2016
San Diego—Excel Trust, a retail focused real estate investment trust, appointed Luke Petherbridge as President & CEO, after it extended its portfolio. Currently, Petherbridge is the CFO and Treasurer of DDR Corp., a REIT that owns 352 shopping centers totaling 113 million square feet across 37 states and Puerto Rico. He will officially step down on May 6th.
Luke Petherbridge is an experienced professional who can name overseeing the execution of $5 billion of real estate transactions, raising over $9 billion of long-term capital and supporting various strategic initiatives as some of his most significant long-term achievements. “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”, said Excel Trust’s new President & CEO.
The appointment came after Excel Trust became part of a fund managed by New-York based investment firm Blackstone. Following additional acquisitions, the company’s leased and managed portfolio more than doubled. It includes 80 high quality open-air shopping centers totaling 19 million square feet, mostly concentrated in California, Texas, New York and Florida.
“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”, said Nadeem Meghji, Co-head of US Acquisitions for Blackstone. In the past five years, Petherbridge became familiar with Blackstone after working with the company on several transactions.
DDR Corp. announced that David Oakes will take over Petherbridge’s responsibilities on a temporary basis. A permanent replacement will be appointed after the ongoing search process, which includes internal and external candidates, will be closed.
Excel Trust is a retail focused REIT that owns, manages and leases primarily open-air, power and grocery anchored shopping centers. Recently it came under the management of real estate giant Blackstone, which has an extensive and diverse portfolio comprising in hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America.
Image courtesy of DDR Corp.