Archstone-Smith may be acquired
- Share via
Tishman Speyer Properties and Lehman Bros. Holdings Inc. are close to a deal to acquire real estate investment trust Archstone-Smith Trust, according to Monday’s Wall Street Journal online edition.
The total value of the deal could top $20 billion, including debt, the report said. Lehman, Tishman and Archstone-Smith could not be immediately reached for comment.
Archstone-Smith has a market capitalization of about $12.3 billion. Its stock trades at about 24 times Wall Street’s earnings estimates for 2007, above the sector average of 18.4 times earnings.
An Archstone-Smith acquisition would be the latest in a wave of deals in the real estate sector. Earlier this year, Blackstone Group acquired Equity Office Properties Trust for $23 billion.
Archstone-Smith owns apartments in such markets as Southern California, San Francisco, Washington, Boston and New York. As of March 31, Archstone-Smith owned or had an ownership stake in 344 communities, with 86,014 apartments.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
