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Floats
US PROPERTY landlord Tishman Speyer was sounding out key local institutions this week ahead of a $560 million float of 12 US office properties.
The float, foreshadowed in The Australian last week, will create the first listed property trust worldwide to invest in properties managed by Tishman Speyer.
There have been relatively few equity raisings in property this year. UBS is expecting just $2 billion in capital raisings in 2004, well down on the $4.4 billion raised in 2003.
In May, Goldman Sachs JBWere was forced to pull the plug on a planned $340 million float of the American Industrial Trust, which was to buy...