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Real Estate Trust Smashes IPO Record

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Real Estate Trust Smashes IPO Record

NYC office owner Paramount Group delivered yet another confirmation of the REIT hot streak by raising $2.29B in its IPO, the biggest ever debut for an American real estate investment trust. CEO Albert Behler's firm sold 131M shares at $17.50 share and easily eclipsed the previous REIT public offering record—$1.4Bset by Douglas Emmett in 2006, the Wall Street Journal reported. It was the 5th REIT to go public this year in a trend largely responsible for the S&P separating real estate from finance on its all-important market index.