Brixmor Could Be Largest Retail REIT Offering in 20 Years
Blackstone Group LP’s Brixmor Property Group Inc., owner of neighborhood shopping centers, filed with federal regulators for an initial public offering in what will likely be one of the largest real estate IPOs in years. Brixmor said it was hoping to raise $100 million, but that amount was simply for calculating the registration fee. The IPO is expected to be significantly larger since Brixmor is valued at around $13 billion, including debt.
According to Renaissance Capital LLC, and Greenwich, Connecticut-based research firm, believes the sale of shares “will raise $700 million or more.” If that happens, it will be the largest IPO by a shopping-focused REIT since Simon’s $840 million share sale in 1993.
Brixmor owns 522 shopping centers with 87 million square feet of space, and the company is second to Kimco Realty Corp. among U.S. shopping center landlords by number of properties.