New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Broadstone Net Lease Aims for $600M IPO in 2020
Broadstone Net Lease Inc. is aiming for a 2020 initial public offering in what could be one of the real estate sector’s biggest listings since WeWork’s botched effort this summer, Bloomberg News reported. The private REIT is working with Goldman Sachs and JPMorgan Chase as it prepares to raise around $600 million.
Currently, the IPO is slated to occur in the first quarter, Bloomberg reported. However, it could slip into Q2.
Last month, the Rochester, NY-based company agreed to internalize its management through a transaction for its operating company, Broadstone Net Lease LLC, that’s worth up to $375 million. Broadstone’s portfolio included 662 retail, healthcare, industrial, office and other properties in 42 U.S. states and Canada as of September 30.
Although public listings of real estate companies have been scarce in the U.S. this year, 2020 could prove to be a more active year for IPOs, according to Bloomberg.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
