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Last Updated ( Monday, 21 October 2013 14:17 )
DATE_FORMAT_LC2=Friday,October 18 2013 12:00:00 am EDT   
Brixmor Sets Terms for $750 Million IPO

New York City — Brixmor Property Group, a retail landlord owned by private-equity firm Blackstone Group LP, announced today the terms of its initial public offering (IPO). The New York-based company plans to raise $750 million by offering 37.5 million shares at a price range of $19 to $21.

At the top end of the expected price range, the REIT would be valued at about $5.9 billion. Brixmor, which first filed for an IPO in July, plans to use proceeds from its offering to repay debt. 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.

To find out more information about Brixmor's portfolio, click here.

Brixmor operates the country's largest portfolio of grocery-anchored and neighborhood shopping centers, with 522 properties encompassing 87 million square feet, the company noted its filing with the U.S. Securities and Exchange Commission. The company's four largest tenants by annualized base rent include Kroger Co., TJX Cos. Inc, Publix Super Markets Inc. and Walmart Stores Inc.

Since February 2011, when Blackstone acquired Brixmor for more than $9 billion, the company has executed 1,599 new leases totaling 8.4 million square feet, increasing its overall occupancy rate to 91.7 percent across the portfolio. Blackstone has invested $339 million into upgrading some of the shopping centers to drive leasing and fund 43 redevelopment projects across the country, according to its regulatory filing.


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