Local USA

Initial public offering of the owner of the Empire State Building

New York – The company that runs the Empire State Building in Manhattan, intends to conduct an initial public offering that would allow it to obtain up to $ 1 billion.

Empire State Realty Trust owns and operates 12 properties in Manhattan and in the greater metropolitan New York.

In regulatory documents filed yesterday,  the company did not specify the number of shares that may be issued in its initial public offering or the price that each of them could reach. The amount of the call is also not final because it will depend on investor demand. Empire State Realty has indicated that it intends to use the proceeds of the offering to pay some investors to repay loans, to cover expenses incurred by the supply and development of the company, the last summer. It should also be used to pay general corporate expenses and possible acquisitions.

The Empire State Building, a skyscraper of 102 story building was completed in 1931, is known for the view it offers from its two observatories. It is also famous because of the role it plays in the film King Kong, released in 1933, in which a giant gorilla climbing the building.

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