NEW YORK CITY-The Blackstone Group has filedpaperwork to launch an initial public offering for itsBrixmor Property Group unit, the shopping centeroperator it formed after acquiring Centro PropertiesGroup's US assets for $9 billion in 2011. Pricing for theIPO, which has not yet been declared effective by the SEC, was notspecified; Brixmor says it intends to trade as a REIT on the NewYork Stock Exchange under the symbol BRX.
In its registration statement Thursday, Brixmor says it owns andoperates the largest wholly-owned portfolio of grocery-anchoredcommunity and neighborhood shopping centers in the US. The IPOportfolio is comprised of 522 shopping centers totalingapproximately 87 million square feet of GLA, wth all but oneof those centers 100% owned.
“Our high quality national portfolio is well diversified bygeography, tenancy and retail format, with more than 70% of ourshopping centers anchored by market-leading grocers,” according toBrixmor's S-11 filing. The REITs four largest tenants by ABR arethe Kroger Co., TJX Cos. Inc.,Publix Super Markets and Wal-Mart StoresInc.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
