Shares to be sold in Empire State owner

<p>The owner of the Empire State Building is set to sell shares.</p>

Empire State Realty Trust – the owners of the Empire State Building – has announced plans to sell shares in the company.

It was revealed in paperwork filed with regulators that the firm is hoping to raise $1 billion (£623 million) from listing on the New York Stock Exchange.

Some 71.5 million shares are expected to be offered at a price of between $13 and $15 each, with the final cost to be announced at the start of next month.

Barrett Browd, who owns units in the Empire State Building, stated that he is pleased with the development. He added: "I felt that it was a good time to cash in."

This is the latest big initial public offering to be announced in the US in the last few weeks. Earlier in the month, Twitter revealed via a tweet posted on the social networking site that it is moving forward with plans to float the company on the stock market.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.