Major U.S. Apartment Owner May Be Looking for Sale, IPO

Archstone is seeking a bid from several private equity firms, as well as Vornado Realty Trust (NYSE: VNO), in an effort to sell certain assets.

Reuters reported Thursday Archstone, owned by Lehman Bros. Holdings, Bank of America (NYSE: BAC), and Barclays (NYSE: BCS), might be considering an IPO, asset sale, or both.

Archstone was acquired by the consortium in 2007 for $22 billion.

Potential firms contacted by Archstone include TPG Capital and Blackstone (NYSE: BX). Reuters noted others which may be interested in the assets range from Equity Residential (NYSE: EQR) and Avalonbay Communities (NYSE: AVL) to sovereign wealth funds.

Archstone is one of the largest owners of U.S. apartments.

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