Brixmor Property Group Inc, a shopping center operator owned by New York City-based private equity firm Blackstone Group LP, said in a regulatory filing that it expects its initial public offering to be priced between $19 and $21 per share, raising about $787.5 million.
At the top end of the expected price range, the REIT would be valued at about $4.61 billion. Brixmor, which first filed for an IPO in July, is offering 37.5 million shares.
Blackstone has recently moved aggressively to sell or take public its real estate assets. It filed in September to take U.S. hotel operator Hilton Worldwide Inc public and also registered hotel chain Extended Stay America Inc for an IPO.
Brixmor owns and operates 521 retail centers across the country from California to Maine, some 70 percent of which are anchored by a market-leading grocery store. Most of these are located in the Eastern U.S. and the Midwest
Brixmor’s holdings in Arizona include Glendale Galleria at 5800 West Peoria Avenue, Glendale, AZ 85302, and Northmall Centre at 4881 North Stone, Tucson, AZ 85704
The company intends to list on the New York Stock Exchange under the symbol "BRX".
Bank of America Merrill Lynch, Citigroup, JP Morgan, Wells Fargo Securities and Barclays are among the lead underwriters for the IPO.