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NEW YORK — Lehman Brothers said Archstone, its largest real estate asset, is worth “at least” $1 billion more than the $5 billion equity value implied by Equity Residential’s bid for a stake in the apartment owner.
Lenders Bank of America and Barclays, which are selling the interest, failed to provide Lehman with adequate information to trigger its 10-day notice period for matching Equity Residential’s offer, Lehman said Monday in a filing with the Securities and Exchange Commission. Lehman owns 47 percent of Arapahoe County-based Archstone.
Equity Residential, the Chicago-based multifamily investor founded by Sam Zell, said Friday that it had agreed to buy 26.5 percent of Archstone from Bank of America and Barclays for $1.33 billion.
