LONDON (dpa-AFX) - Lehman Brothers Holdings Inc. (LEHMQ.PK) has bought from Bank of America Corp. (BAC) and Barclays Plc (BCS, BARC.L) their 50 percent collective stake in apartment developer Archstone for $1.325 billion in cash. With the acquisition, Lehman now owns about 73.5 pecent of Archstone, the company said in a regulatory statement. Real estate investment trust Equity Residential (EQR) had planned to buy this 26.5 percent stake if Lehman did not exercise the right of first offer option. Archstone is a privately-held owner, operator and developer of multifamily apartment properties. Lehman made the deal by exercising a right of first offer. Its portfolio comprises apartment properties primarily located in top U.S. growth markets, including 8,922 wholly-owned and stabilized apartment units as well as 1,332 apartment units under construction as of September 30. The portfolio also includes land sites as well as about 14,000 wholly-owned or unconsolidated joint venture-owned apartment units in Germany. LEHMQ.PK closed on Monday at $0.0340, up $0.0066 or 24.09 percent, on a volume of 7.37 million shares.
Copyright RTT News/dpa-AFX
© 2012 AFX News
