Brixmor Property Group has filed its Initial Public Offer(IPO) and is hoping to raise a whopping $ 100 million, a record amount in what is said to be the largest IPO in the real estate industry.
Investors and analysts have been awaiting the filing, as Brixmor is one of Blackstone's largest real estate companies expected to become publicly traded or sold. Real estate is the biggest earner among Blackstone's businesses.
Blackstone's strategy is buying properties that are either financially or physically in need of help, fix them and then sell them. Brixmor, a real estate investment trust, owned 522 shopping centers, usually anchored by grocery stores or value-oriented retailers such as T.J. Maxx, according to the filing. The folio is 91 percent leased.
With 86.7 million square feet of gross leasable space, Brixmor is the second largest owner of neighborhood shopping centers after Kimco Realty Corp.
