Blackstone's Brixmor raises $825 million from IPO
(Reuters) - Brixmor Property Group Inc, a shopping center operator owned by Blackstone Group LP (BX.N), priced its enlarged initial public offering at the midpoint of its expected range, raising $825 million in proceeds.
The company sold 41.25 million shares in the offering at $20 each, New York-based Brixmor said in a statement on Tuesday.
Brixmor, which is valued at about $4.4 billion at the IPO price, had expected to sell 37.5 million shares at $19 to $21 each.
Blackstone has 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 for an IPO of hotel chain Extended Stay America Inc.
Brixmor has 521 shopping centers, which span the country from California to Maine.
Bank of America Merrill Lynch, Citigroup, JP Morgan, Wells Fargo Securities and Barclays are among the lead underwriters for the IPO.
Shares of the company are scheduled to begin trading on the New York Stock Exchange under the symbol "BRX" on Wednesday.
(Reporting by Avik Das in Bangalore; Editing by Don Sebastian)