Apartment building developer and manager Equity Residential (NYSE:EQR) said over the weekend it has entered into a contract to acquire a 26.5% ownership interest in privately-held multi-family apartment developer Archstone, for $1.325 billion in cash.
Equity Residential said the ownership interests under contract represent one half of the collective interests currently owned by affiliates of Bank of America (NYSE:BAC) and Barclays (NYSE:BCS).
Closing of the transaction is contingent on the remaining significant Archstone owner not exercising its right of first offer to acquire the interest from the sellers. Equity Residential did not name the remaining owner, but media reports say it is what remains of Lehman Brothers, which has reportedly been in discussions with Blackstone Group (NYSE:BX) and Brookfield Asset Management (NYSE:BAM) to finance a match to Equity Residential's offer.
Equity Residential shares are up in morning trading today.
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