The owners of Archstone have approached Vornado Realty Trust (VNO.N) and others including some private equity firms as they draw up a list of possible buyers for the apartment building company's assets, three sources familiar with the situation said on Wednesday. Archstone -- owned by Lehman Brothers Holdings Inc (LEHMQ.PK), Bank of America Corp (BAC.N) and Barclays Plc (BARC.L) -- is considering a sale of assets or an initial public offering, or a combination of both, sources have previously said. The company's $22 billion takeover in 2007 exemplified the excesses of the real estate boom and helped bankrupt Lehman Brothers. Vornado CEO Michael Fascitelli told Reuters on Wednesday that Archstone had reached out to his firm and others.
Vornado Realty Trust (Vornado) is an integrated real estate investment trust (REIT). Shares of VNO fell by 0.58% or $-0.55/share to $94.33. In the past year, the shares have traded as low as $68.59 and as high as $97.93. On average, 1085780 shares of VNO exchange hands on a given day and today's volume is recorded at 1007933.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.03% or $-0.11/share to $10.54. In the past year, the shares have traded as low as $10.50 and as high as $16.10. On average, 133532000 shares of BAC exchange hands on a given day and today's volume is recorded at 159384160.
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