Blackstone Said to Plan Invitation Homes IPO for First Half 2017
Blackstone Group LP expects to take its Invitation Homes unit public in the first half of next year, capitalizing on a rally in U.S. single-family rental landlords to list the biggest company in the industry, according to two people familiar with the matter.
The size and exact timing of an initial public offering haven’t been decided, said the people, who asked not to be named because the process is private. A Blackstone spokeswoman declined to comment. Invitation Homes referred questions to the parent company.
Invitation Homes, which would go public as a real estate investment trust, oversees about 50,000 houses across the U.S. Blackstone built the company in the aftermath of the housing crash, making the largest investment among big buyers that snapped up properties at depressed prices to institutionalize the business of leasing single-family homes. Their bet depended on unprecedented demand for rentals from Americans who lost residences to foreclosure and those unable to get mortgages as banks tightened credit.
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