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New Plan Excel Signs Buyout Deal

Australia's Centro Properties will acquire the REIT for $3.4 billion.

Shares of

New Plan Excel Realty Trust

(NXL)

surged Wednesday after the company agreed to be acquired by Australia's Centro Properties Group for about $3.4 billion in cash.

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Centro will pay $33.15 a share for the real estate investment trust, representing a premium of 13% over New Plan's closing price of $29.34 on Tuesday. Including the assumption of debt, the deal is worth about $6.2 billion.

"We are excited with the opportunity this acquisition represents for Centro," the Australian company said. "Centro Watt's fully-integrated national platform is well placed to manage the diverse style and geographic mix of its expanded U.S. retail property platform."

The deal is expected to close during the second quarter.

Shares of New Plan recently were trading up $4.16, or 14%, to $33.50.