Barclays PLC and Bank of America Corp Selling Their Stakes

NNN Lease Market News

Two Archstone Owners Decide to Sell Their Stakes

After months of wrangling with the estate of Lehman Brothers Holdings Inc. over how to unwind apartment giant Archstone, co-owners Barclays PLC and Bank of America Corp. have decided to wash their hands of the deal.

Unable to reach a consensus with Lehman on a plan to sell the entire company, the two banks are now trying to sell their stakes, which total 53%, according to people familiar with the matter. The banks' combined equity stakes in the company are likely worth between $2 billion and $3 billion, according to people familiar with Archstone's finances.


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