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Empire State Realty IPO raises US$929.5m

New York-based Reit sells 71.5m shares for US$13 each

Tourist magnet: Investors are not sure how to value the cash flow from the Empire State Building's observatory, and how much they should pay for potential leasing gains among the office buildings. - PHOTO: REUTERS

[NEW YORK] Empire State Realty Trust Inc, whose properties include Manhattan's Empire State Building, raised US$929.5 million in its initial public offering (IPO), pricing the shares at the low end of the range. The real estate investment trust (Reit), based in New York, sold 71.5 million shares