Blackstone eyes $938m in first IPO from troubled batch US private equity giant Blackstone could raise more than $US905 million ($938.9m) for its float of Brixmor Property Group - a company holding the US malls once owned by global financial crisis near-casualty Centro. It would mark Blackstone's first real estate IPO from the batch of troubled companies the group bought during the GFC. Regulatory filings this week show Brixmor, which owns 522 US shopping malls, could be valued at up to $US6.2 billion. The bulk of the centres were purchased for $US9.4bn in 2011 after the near collapse of Melbourne-based Centro, later recapitalised as Federation Centres. The proceeds from the raising will be used to pay down debt. Although Blackstone isn't selling any shares in the IPO, the offering would pave the way for the firm to cash out of its investment in subsequent stock sales. If the six companies bought by Blackstone go public as planned, the group would have $US19bn worth of stock to sell in the coming years, said Laurence Tosi, Blackstone's firm's chief financial officer. Blackstone executives said that the divestments should not be interpreted as the firm calling the top of the market. Blackstone continued to be bullish on real estate, investing $US5bn during the second quarter. Blackstone's single-family rental business, Invitation Homes, bought about $US7bn worth of houses this year and continues to spend at a clip of about $US100m a week. Blackstone continued to be a cautious buyer of companies, though, having invested only $548m during the third quarter, bringing the year-to-date total to $2.1bn. At the end of last month, Blackstone had $18bn in so-called dry powder in its buyout funds.