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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...

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