Archstone Buying Its Own Stock

DENVER-Locally based Archstone Communities, one of the nation’s largest apartment REITs, has signed an agreement with Security Capital Group to purchase $50 million of its stock from Security Capital. The purchase will be concurrent with the closing of its underwritten secondary offering.

Goldman Sachs is the sole bookrunner of the offering. Credit Suisses First Boston is serving as the co-lead investment banker, Legg Mason Wood Walker, Merrill Lynch & Co. and Salomon Smith Barney are co-managers. Archstone will purchase the shares at the same net price at which the underwriters purchase shares from Security Capital.