Monday, November 26, 2012

IPO AVERTED: Equity Residential, AvalonBay To Buy Archstone For $6.5B




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...






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