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Simon competitor hoping to raise $750 million in IPO

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Blackstone Group LP’s Brixmor Property Group Inc., the second-largest U.S. shopping center landlord behind Indianapolis-based Simon Property Group Inc., expects $750 million in gross proceeds in its initial public offering.

The estimate was disclosed Monday in a regulatory filing by New York-based Brixmor. The company, which first filed for an IPO in July, hasn’t set price terms or the number of shares being sold.

An offering of at least $750 million would be the largest IPO by a retail real estate investment trust since Simon raised $840 million in 1993, data from the National Association of REITs show. Blackstone is planning the sale at a time when U.S. shopping-center occupancies are at an almost four-year high and rents are climbing.

Even so, shares of retail-focused REITs have declined in recent months on concern that rising interest rates will increase landlords’ borrowing costs and hurt property values. The Bloomberg REIT Shopping Center index fell almost 15 percent from its May high through last week.

Brixmor owns or operates 522 centers, more than 70 percent of which are anchored by a market-leading grocery store, according to the filing. The company is second to Kimco Realty Corp. among U.S. shopping-center landlords by number of properties.

The assets that form Brixmor’s core were acquired in Blackstone’s $9 billion purchase of U.S. shopping centers from Australia’s Centro Properties Group in 2011.

Brixmor also said in its filing that it is nominating Michael Berman, the chief financial officer of mall owner General Growth Properties Inc., and Anthony Deering, chairman of Exeter Capital LLC, a private investment firm, to its board.
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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