Empire State Building REIT files IPO

By IVCPOST Staff Reporter

Sep 19, 2013 10:42 PM EDT

Empire State Realty Trust Inc. had filed to raise as much as USD1.07 billion in proceeds. This was seen to be the largest initial public offerings of a real estate investment trust (REIT) in the US. Empire State Realty Trust Inc. properties include Manhattan's Empire State Building.

The New York based company had planned to offer 71.5 million shares priced USD13 to USD15 each. The company was expected to list on the New York Stock Exchange under the trading symbol ESRT, according to a regulatory filing today.

Malkin Holdings LLC is the supervisor of the Empire State Building who had moved ahead with the IPO. This was after its battle with a group of dissident investors and rejecting several unsolicited offers for the tower.

According to a data compiled by Bloomberg, the IPO is scheduled to price on October 1. The REIT company had also hired Goldman Sachs Group Inc. and Bank of America Corp. as lead book running managers for the initial public offer.

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