Blackstone Group is apparently moving forward in its plans to take its single-family rental unit, Invitation Homes, public in 2017.
Earlier this year, Bloomberg reported that Blackstone began formulating plans to launch an initial public offering for Invitation Homes, the largest single-family rental operator in the country.
Now, the Wall Street Journal is reporting that Blackstone is taking the next step in the process, reportedly filing confidentially for an IPO that could come “as soon as January.”
From the WSJ report:
The Dallas-based company plans to sell about $1.5 billion worth of stock and use the proceeds to pay down debt, one of the people said. Based upon the portion of a company that is typically sold in an IPO, Invitation Homes could be worth around $7.5 billion.
For much more on the history of Invitation Homes, click here for a recap of HousingWire’s coverage.
And click below for more from the WSJ report.