NEW YORK CITY-Lehman Brothers Holdings Inc. is moving toward selling apartment complex owner Archstone to two affiliates, according to published reports.
Business Week reported that Gerald Uzzi, an attorney representing the now-defunct Lehman Brothers’ creditors, says in a court filing that Lehman Commercial Paper Inc. and Luxco, or Luxembourg Residential Properties Loan Finance S.a.r.l, may buy Archstone for “an undisclosed consideration.” Lehman had bought Archstone for $22 billion in a leveraged buyout at the height of the market.
Lehman Brothers Holdings is moving to sell off its commercial real estate holdings as part of its bankruptcy liquidation. In May, it won court approval to restructure its Artchstone-Smith loans. At a media briefing Wednesday, real estate attorneys at Paul, Hastings, Janofsky & Walker told GlobeSt.com that the Lehman legacy firm was well positioned to realize good returns from divesting its real estate holdings, since it’s under no pressure to sell them immediately.
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