Wed, Aug. 24, 4:52 AM
- Empire State Realty Trust (NYSE:ESRT) has sold a 9.9% holding to the Qatar Investment Authority for $622M.
- The REIT, which owns New York's Empire State Building, has issued new Class A common shares for $21 - just above yesterday's closing price of $20.52 - to the Qatari sovereign wealth fund.
- Empire's president, John Kessler, said the investment will help it "plan for the future, now with more capital and one of the most sophisticated and reliable real-estate investors in the world as our partner." (PR)
Jun. 30, 2013, 1:37 AM
Malkin Holdings has received the third bid in less than two weeks for the Empire State Building (ESB), this time an offer "north of $2.1B in cash" from New York property magnate Joseph Sitt. The proposal is higher than bids of up to $2.1B from real-estate mogul Rubin Schron and a group of Middle Eastern and European investors, but is short of the $2.53B that an independent appraisal has valued the tower at. Malkin is also in the process of listing Empire State Building as part of a REIT.| Jun. 30, 2013, 1:37 AM | 5 Comments
Jun. 19, 2013, 4:45 AM
The Empire State Building is the subject of a $2B offer from privately held New York company Cammeby's International Group, which is headed by real-estate mogul Rubin Schron. The bid is below the $2.33B after-debt value that an appraisal last summer placed on the iconic 102-story building. The proposal comes three weeks after the tower's investors authorized a plan to put it in a REIT called Empire State Realty Trust (ESB) with 17 other properties and take it public.| Jun. 19, 2013, 4:45 AM