The Real Estate Industry group led a multi-disciplinary team in the representation of an underwriting syndicate consisting of 17 banks in Invitation Homes’ $1.8 billion IPO, the largest U.S. IPO since October 2015 and the second-largest REIT IPO ever (behind Goodwin client Paramount Group’s REIT IPO in 2014).
Invitation Homes (NYSE: INVH) sold 88,550,000 shares in the offering at a price of $20.00 per share, above the $19.50 midpoint range noted in the preliminary prospectus.
The offering was sponsored by The Blackstone Group, which did not sell any shares in the offering and owns approximately 220,000,000 shares of the company. Blackstone’s global real estate group is the largest private equity real estate manager in the world.
A leading owner and operator of single-family homes for lease, Invitation Homes offers residents high-quality homes in desirable neighborhoods across the United States. With nearly 50,000 homes for lease in 13 markets across the country, the company is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools.
The Goodwin team was led by partners Gil Menna and Scott Chase and associates William Goldberg and Chloe Pletner, and included partners Neal Sandford, Craig Todaro, and Ettore Santucci, counsel Suzanne Lecaroz, associate Dalton Randall and attorney Daniel Healy, with Alma Sazo-Ramirez providing valuable paralegal assistance.
For additional details on the listing, please read the press release.