Posted by: youngragingbull | May 29, 2013

IPO planned for Empire State Building

buildingShareholders in the private company that owns the Empire State Building have approved a plan to sell the historic building through an initial public offering as part of a real estate investment trust called Empire State Realty Trust Inc., Reuters reported on Wednesday, citing a regulatory filing.

The plan required 80% of the units to be voted in favor, and the outcome follows more than a year of fighting between Malkin Holdings PLC, which has spearheaded the plan, and a small group of investors.

Sources: Reuters, MW

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