Lehman To Reap Up To $2B From Pair Of REIT Stock Offerings

Law360, New York (May 23, 2013, 6:05 PM EDT) -- Lehman Brothers Holdings Inc. will unload roughly 50 percent of its stake in residential real estate investment trusts Equity Residential and AvalonBay Communities Inc. in separate offerings that could reap as much as $2 billion for the defunct investment bank, according to securities filings Wednesday.

Lehman Brothers acquired the Equity Residential and AvalonBay stock as part of the $6.5 billion sale of its apartment developer, Archstone Enterprise LP, to the residential REITs in November. The investment bank plans to sell nearly 15.1 million shares of Chicago-based...
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