Archstone seeks to raise $3.45B via IPO

November 20, 2012 09:30AM

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