Published: Tuesday, February 14, 2012
Empire State Realty Trust plans $1 billion IPO
NEW YORK -- The company that runs Manhattan's Empire State Building is planning an initial public offering that could raise as much as $1 billion.
Empire State Realty Trust Inc. owns and operates 12 properties in the greater New York metropolitan area. The firm didn't say in its regulatory filing Monday how many shares might be involved or what price they might fetch. The $1 billion amount isn't final, either. It's subject to investor demand.
Empire State Realty said it plans to use the offering's net proceeds to pay certain investors, repay loans, cover the expenses of the IPO and the company's formation last summer, and for general purposes and possible acquisitions.
Empire State Realty's predecessor is Malkin Holdings LLC, which disclosed in a filing with the Securities and Exchange Commission in November that it was considering the possibility of a publicly traded real estate investment firm.
Associated Press
Empire State Realty Trust Inc. owns and operates 12 properties in the greater New York metropolitan area. The firm didn't say in its regulatory filing Monday how many shares might be involved or what price they might fetch. The $1 billion amount isn't final, either. It's subject to investor demand.
Empire State Realty said it plans to use the offering's net proceeds to pay certain investors, repay loans, cover the expenses of the IPO and the company's formation last summer, and for general purposes and possible acquisitions.
Empire State Realty's predecessor is Malkin Holdings LLC, which disclosed in a filing with the Securities and Exchange Commission in November that it was considering the possibility of a publicly traded real estate investment firm.
Associated Press
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