IPO Proceeds Going to Debt Repayment: Brixmor CEO

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Oct. 30 (Bloomberg) -- Brixmor Property Group CEO Michael Carroll discusses what's next for the company with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Brixmo property group is the second largest retailerre in the united states began trading on the new york stock exchange.

On the first day of trading, it rose two percent.

I spoke to the chief executive, michael carroll, about the process of raising 800 $25 million for its ipo and what is next for the company.

Brixmore was acquired by lax stone in 2011. blackstone came in and saw a great opportunity of how it is constrained.

That really brought us here today.

Our portfolio today, we have the largest wholly owned grocery centers in the u.s., primarily focused in the top if he.

Really dense locations.

Strong trade areas.

We have a really high quality assets base anchored by the productive groceries that have failed in excess of $500 per square foot.

Just give people an idea of the geographical reach of the country and take us on a tour of the big grocery stores like publix.


We are a coast-to-coast off greater.

Significant concentrations in new york come in philadelphia, houston, chicago, great penetration in the markets in the u.s., that really is our footnote.

We really believe in being an national company and platform and have best in class brochures like kroger, publix, stop & shop.

Those brochures provide a great -- groceries allow us to drive tremendous traffic.

It is a necessity business.

Everyone has to eat.

They provide the food people need.

While food is a necessity, we know the -- the margins can become quite compressed.

Cap rates, what do you look at?

One of the things that is very key to us is really a lining with the best roasters =- -- grocers.

That really provides a great deal of stability.

As we look at the business, we really think the private market and public markets are right on where values are in generally minute -- measure on a cap rate.

Those numbers change every day.

We are not focused on them.

What we're focused on is growing the income of the business.

That is really what the business is about and the business plan is going forward.

Few growth and net income and becomes a cap rate that is attractive to investors.

I believe you have raised $825 million.


We're taking all of the net proceeds and deleveraging the business.

All of the proceeds go for debt repayment.

We have been deleveraging this business over the past several years.

Something blackstone did upon purchasing the business.

They read leveraged by nearly $1 billion.

This really puts us in line with all of her peers and positions us nicely to continue to grow the business.

How much debt will you have

This text has been automatically generated. It may not be 100% accurate.


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