Archstone-Smith shareholders approve public-to-private merger

By Lisa Kerner

Charlotte, N.C., Aug. 21 - Archstone-Smith Trust shareholders voted to approve the company's $60.75-per-share acquisition by affiliates of Tishman Speyer Real Estate Venture VII, LP and Lehman Brothers Holdings Inc. at a special meeting on Tuesday.

Some 98.9% of Archstone-Smith's common shares present and voting at the meeting were cast in favor of the deal, representing about 78.0% of the total number of common shares entitled to vote at the special meeting.

The merger, valued at approximately $22.2 billion including debt, is expected to close on or about Oct. 5, according to a company news release.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.