WASHINGTON (dpa-AFX) - Equity Residential (EQR) Tuesday announced that it has secured a 60-day extension during which period the company has the exclusive right to contract with the Sellers to acquire their remaining 26.5% interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties.
The company stated that it has reached an agreement with affiliates of Bank of America and Barclays to extend the period till April 19, 2012.
The company further stated that the minimum price at which the Sellers are obligated to contract with Equity Residential to sell this interest in Archstone was increased to $1.485 billion.
The company added that it remains under no contractual obligation to acquire this interest in Archstone.
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© 2012 AFX News
