Brixmor Property Group (BRX) sells 41.25M shares at $20 each - the midpoint of the expected range - in the first of what are expected to be several real estate-related IPOs from Blackstone (BX). The $20 price implies a market value of about $6B, and Blackstone will own about 73% of the stock after the IPO.
Brixmor is the country's 2nd largest U.S. shopping center landlord and its offering is the 2nd largest U.S. real estate IPO this year. It was formed by Blackstone in 2011 after buying a number of shopping centers from Australia's troubled Centro Properties Group for about $9B.
Likely coming before year's end from Blackstone are IPOs of hotel chains Extended Stay America and Hilton Worldwide. 2014 is expected to bring sales of Blackstone's U.S. warehouse business IndCor Properties and house-rental company Invitation Homes.