Archstone seeks to raise $3.45B via IPO

New York /
Nov.November 20, 2012 09:30 AM

Archstone, the massive apartment landlord now owned by failed bank Lehman Brothers’ estate, is seeking tor aise $3.45 billion through its initial public offering, Bloomberg News reported. Archstone, which plans to organize itself as real estate investment trust, updated the amount sought in a filing yesterday, Bloomberg News said. The company, which boasted revenue of $272.7 million in the third quarter of 2012, in August filed to go public.

In May, Lehman Brothers beat out the other major bidder — Equity Residential head Sam Zell — and acquired the last remaining 26.5 percent stake in Archstone for $1.58 billion, as reported. The failed bank bought the stake from Bank of America and Barclays, which partnered with Lehman to acquire Archstone in 2007 for $22 billion, before the two groups came to an impasse as to the future of the company — Lehman wanted to take it public, while the BofA/Barclays partnership wanted to sell it. [Bloomberg News] –Guelda Voien


Related Articles

arrow_forward_ios
Sam Zell of Equity Commonwealth and Michael Landy of Monmouth Real Estate Investment (Getty, ACRE)
Sam Zell acquires Monmouth Real Estate for $3.4B
Sam Zell acquires Monmouth Real Estate for $3.4B
Equity Residential chairman Sam Zell (Getty)
Equity Residential sees profits drop 58%
Equity Residential sees profits drop 58%
UDR President Jeffrey Davis, AvalonBay Timothy Naughton Equity Residential's Sam Zell (LinkedIn; AvalonBay; Getty)
Investors bank on urban real estate comeback
Investors bank on urban real estate comeback
Equity Residential chairman Sam Zell and CEO Mark Parrell (right) (Getty, iStock)
Sam Zell’s Equity Residential sees profits drop 15%
Sam Zell’s Equity Residential sees profits drop 15%
Photo illustration of Sam Zell (Getty, iStock)
For Sam Zell, it’s all about “foreclosures and opportunities”
For Sam Zell, it’s all about “foreclosures and opportunities”
Sam Zell and Mark Parrell headshots (Credit: John Lamparski/Getty Images, iStock)
What Sam Zell is offering renters to keep occupancy rates high
What Sam Zell is offering renters to keep occupancy rates high
Photo illustration of Sam Zell by The Real Deal
Even Sam Zell isn’t ready to dance on graves
Even Sam Zell isn’t ready to dance on graves
Equity Commonwealth's Sam Zell and David Helfand (Credit: Equity Commonwealth)
Sam Zell’s office REIT won’t commit to a specific coronavirus strategy just yet
Sam Zell’s office REIT won’t commit to a specific coronavirus strategy just yet
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...