Brixmor Property Group would be raising up to USD 787.5 million in an initial public offering in the US. The subsidiary of Blackstone Group and the second biggest shopping center landlord in the US would be holding the share sale to raise funds so it could help pay off its debts.

In a regulatory filing, the New York-based real estate investment trust (REIT) said it intended to sell 37.5 million shares. The shares would be priced from USD 19 to USD 21 apiece. An overallotment option would also be included for the underwriters. Proceeds from the IPO would primarily be used to pay down Brixmor's USD 628.5 million debt that would expire in 2017.

The National Association of Real Estate Investment Trusts said Brixmor's IPO would be the largest IPO conducted by a retail REIT since the USD 840 million share sale of Simon Property Group Inc in 1993. With the underwriter option, the planned Brixmor IPO could raise up to USD 905.6 million overall.