Lehman Brothers Reaps $6.5B In Archstone Sale

Law360, New York (November 26, 2012, 7:34 PM EST) -- Lehman Brothers Holdings Inc. will sell its apartment developer Archstone Enterprise LP to real estate investor Equity Residential and luxury apartment developer AvalonBay Communities Inc. for $6.5 billion in cash and stock, the defunct firm said Monday.

The deal will bring Lehman and its affiliates nearly $2.7 billion in cash along with shares of Equity Residential and AvalonBay common stock that are worth a combined roughly $3.8 billion, according to a statement by Lehman Brothers. Under the terms of the purchase, Equity Residential will obtain some...
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