Brixmor Property Group, Blackstone Group LP's neighborhood shopping center business, on Monday said it named Michael Pappagallo, the former president of rival Kimco Realty Corp, as its president and chief financial officer, potentially setting the company up for an initial public offering. The position will become effective May 20.Pappagallo, who also was chief operations officer at Kimco and was chief financial officer before that, will play an integral role in executing Brixmor's long-term business and capital markets strategies, the company said in a statement.In addition, he will lead the company's finance and accounting teams, and have some oversight of its property operations, information technology, acquisitions, dispositions and investor relations efforts.The public market currently values these types of shopping centers, which are typically anchored by grocers, 15 percent higher than the private markets, Green Street Advisors analyst Cedrik Lachance said.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.14% or $0.25/share to $22.20. In the past year, the shares have traded as low as $11.13 and as high as $23.30. On average, 5213200 shares of BX exchange hands on a given day and today's volume is recorded at 2937654.
Kimco Realty Corp., incorporated on March 25, 1994, is a real estate investment trust (REIT) that owns and operates North America?s largest portfolio of neighborhood and community shopping centers. Shares of KIM fell by 0.44% or $-0.11/share to $24.86. In the past year, the shares have traded as low as $17.16 and as high as $25.09. On average, 2798100 shares of KIM exchange hands on a given day and today's volume is recorded at 2884063.
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