(Read more on the multifamily market.)
DENVER-Some 78% of the shareholders of locally based REITArchstone-Smith Trust gave their blessing to their acquisition by ajoint venture of Tishman Speyer Real Estate Venture VII and LehmanBrothers Holdings Inc. A special meeting held Tuesday producedstakeholders representing 98.9% of the REIT's common shares. Theacquisition is being valued at $22 billion.
The deal calls for the Tishman/Lehman entity to pick up alloutstanding common shares of the trust for $60.75 per share. Inaddition, "holders of Archstone-Smith Operating Trust's Class A-1common units will receive, for each such unit, one newly issuedSeries O preferred unit of Archstone-Smith Operating Trust," astatement reveals. They can also opt for a "cash payment equal to$60.75."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
