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27/11/2012 12:04:55 PM
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Publish Date27/11/2012 12:04:55 PM
Last Update27/11/2012 12:12:39 PM
Lehman Brothers agreed on Monday to sell the property firm Archstone for about $6.5 billion in cash and stock.
Archstone will be sold for its two biggest real estate rivals, Equity Residential and AvalonBay Communities.
The deal was surprising since Lehman was planning to take Archstone public in what would have been the largest-ever IPO of a real estate investment trust.
Yet this deal is believed to play an important role in paying off part of the $65 billion Lehman owes to creditors.
In 2007 when Lehman bought Archstone for about $22 billion, the deal was seen as a significant contributor to Lehman`s bankruptcy filing in September 2008.
Yet, this deal is also seen as signs of recovery for the U.S. housing market.
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