LONDON Aug 10 Lehman Brothers LEHMQ.PK is
pushing ahead with plans to sell or list Archstone, the
apartment company that it took private for $22 billion at the
height of the property boom, the Financial Times said on
The current market ructions are complicating discussions
about how to proceed with Bank of America (BAC.N) and Barclays
(BARC.L), who also own sizeable stakes in the company, the FT
The newspaper cited people familiar with the matter as
saying the banks were working on documents for an initial
offering, which could be filed by the end of the month.
JPMorgan Chase (JPM.N) has been retained to assist with a
The group has also started discussions about a potential
sale of Archstone, which could be valued at as much as $20
billion including debt, or just a stake, with a select group of
potential buyers, the newspaper said.
Possible buyers include publicly listed property companies
EQR (EQR.N) and AvalonBay (AVB.N), as well as Blackstone (BX.N)
and Brookfield Asset Management (BAMa.TO), people familiar with
the matter told the FT.
Lehman led the $22 billion leveraged buy-out of Archstone
in 2007, as part of the investment bank's ill-fated foray into
Lehman, Barclays and Bank of America were unavailable for
(Reporting by Stephen Mangan; Editing by Gary Hill)