Paramount Group Inc has retained Bank of America Corp to explore strategic alternatives, including an initial public offering that could value the city office property owner at up to $15 billion, according to people familiar with the matter.
The landmark IPO could raise around $2 billion in proceeds, according to the people, which would make it the second-largest US real estate public offering behind Hilton Worldwide Holdings Inc, which raised $2.7 billion in 2013. Paramount has an estimated enterprise value of between $10 billion and $15 billion, including debt, the people said this week.
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