NorthStar/RXR New York Metro Income files for IPO of up to $2 bln
March 31 (Reuters) - NorthStar/RXR New York Metro Income Inc said on Monday it confidentially filed with U.S. regulators to raise up to $2 billion in an initial public offering of common stock.
The company, which is co-sponsored by NorthStar Asset Management Group Inc and RXR Realty LLC, will be structured as a public, non-traded corporation and intends to qualify as a real estate investment trust.
Net proceeds from the offering will be used to make commercial real estate investments in the New York City metropolitan area, NorthStar/RXR New York Metro Income said in a statement.
NorthStar Asset Management Group Inc has been created as the successor to NorthStar Realty Finance Corp's asset management business.
NorthStar Realty Finance holds about 30 percent stake in RXR Realty through a $340-million investment, which was completed in December. (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)