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Archstone-Smith completes public-to-private merger
By Laura Lutz
Des Moines, Oct. 5 - Archstone-Smith Trust announced the completion of its acquisition by affiliates Tishman Speyer Real Estate Venture VII, LP and Lehman Brothers Holdings Inc. for $60.75 per share.
The merger was valued at $22.2 billion.
Equity provided by real estate developer Tishman Speyer along with debt and equity capital provided and arranged by Lehman Brothers, Banc of America Strategic Ventures, Inc. and Barclays Capital was used to fund the transaction.
The transaction is the largest public-to-private merger-and-acquisition transaction in the multifamily real estate investment trust sector, according to a previous company news release.
Archstone-Smith is an Englewood, Colo.-based real estate investment trust that develops and operates apartment communities in the United States.
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