Real Estate: Broadstone Net Lease IPO in 2020 Could Be $600 Million

December 13, 2019 | News, Real Estate

Broadstone Net Lease Inc. has enlisted Goldman Sachs and JP Morgan for the 2020 IPO.

Broadstone Net Lease Inc is a publicly reporting, private real estate investment trust. It invests in freestanding, single-tenant, absolute net-leased properties located across the United States. It is a part of Broadstone Real Estate, which was founded in 2006 by Norman Leenhouts and Amy and Robert Tait.

Broadstone is backed by private equity firm Stone Point Capital. It has more than 3350 shareholders and accepts new investments from accredited investors every month. However, the minimum direct investment is $ 500,000.

Further, its portfolio comprised 662 net leased properties in 42 states and Canada with 187 tenants and 171 brands. The market value of its total assets is approximately $ 4.4 billion, according to its website. It generally targets acquisitions between $ 5 million and $ 300+ million.

Broadstone may have an IPO in 2020

According to Crain’s New York Business, Broadstone Net Lease is weighing an initial public offering in 2020, probably in the first or second quarters. According to anonymous but informed persons, the firm has tapped Goldman Sachs Group Inc and JPMorgan Chase & Co for the IPO.

Further, the REIT’s IPO could be as much as $ 600 million, one of the largest real estate floats in 2020.

In September, Broadstone Net Lease announced the $ 735.7 million acquisition of a portfolio of 23 industrial and office/flex assets. Fully leased, these include 6.9 million rentable square feet of operational space. The portfolio comprises a mix of warehouse, distribution, manufacturing, cold storage, and office/flex assets.

The transaction resulted in a short-term increase in leverage. However, the company assures it will reduce it through an ongoing private offering of shares and asset dispositions.

[Related Story: PwC: Takeaways from the Real Estate 2020 Outlook  ]

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