The biggest year for real estate investment trust (REIT) initial public offerings since 2004 is about to get even bigger, with Blackstone Group LP set to take its first REIT public, Bloomberg reports.
Blackstone’s Brixmor Property Group Inc., a shopping center landlord, is expected to raise as much as $905.6 mllion, which would be a new record for a retail REIT.
REO-to-rental firm American Homes 4 Rent raised $812 million in a July IPO, and Empire State Realty Trust Inc. — the owner of Manhattan’s Empire State Building — raised $1.07 billion.
Real estate IPOs have raised $3.9 billion this year, the most since 2004, when BioMed Realty Trust Inc. and CBRE Group Inc. helped push the total to $7 billion. Source: bloomberg.com.