National Commercial Real Estate News From CoStar Group
IPO AVERTED: Equity Residential, AvalonBay To Buy Archstone For $6.5B
Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) have agreed to buy Archstone Enterprise LP from Lehman Brothers Holdings Inc. for $6.5 billion in cash and stock.
EQR will acquire about 60% and AvalonBay will acquire about 40% of the assets and liabilities Archstone, Lehman's single largest asset, under the terms of the transaction expected to close during the first quarter of 2013.
The surprise announcement renders...