Equity Residential , the largest publicly traded U.S. apartment owner, has agreed to purchase a 26.5 percent stake in apartment owner Archstone for $1.325 billion from Bank of America Corp and UK bank Barclays, the company said on Friday. The stake would be about half of the ownership held by the two banks and sets the clock ticking for the remaining owner, Lehman Brothers Holding Inc, to match it."A 26.5 percent stake gives us a seat at the table regarding making decisions and the long-term outcome of the portfolio," Equity residential spokesman Martin McKenna said.Lehman, which is operating under bankruptcy protection, has the right to match the offer and is in discussions with several potential partners including the Blackstone Group LP and Brookfield Asset Management, sources have said.Archstone's three owners have not been able to agree with what to do with Denver-based Archstone, which owns about 77,084 apartment units. Under a restructuring plan reached last year, all three have to unanimously approve nearly all decisions regarding Archstone.
Brookfield Asset Management Inc. is a global asset management company focused on property, power and infrastructure assets. Shares of BAM fell by 0.36% or $-0.1/share to $27.42. In the past year, the shares have traded as low as $24.42 and as high as $34.23. On average, 1393260 shares of BAM exchange hands on a given day and today's volume is recorded at 906356.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 3.87% or $0.55/share to $14.77. In the past year, the shares have traded as low as $10.51 and as high as $19.63. On average, 3989820 shares of BX exchange hands on a given day and today's volume is recorded at 9168675.
Equity Residential (EQR) is a real estate investment trust (REIT). Shares of EQR traded higher by 0.22% or $0.12/share to $54.25. In the past year, the shares have traded as low as $48.46 and as high as $63.86. On average, 2634190 shares of EQR exchange hands on a given day and today's volume is recorded at 1550273.
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