X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Lehman Brothers Holdings Inc. is selling about half its stakes in both Equity Residential and AvalonBay Communities, about one month after the 150-day lockup period on the stock ended. The offering by Jupiter Enterprise LP, an indirect subsidiary of LBHI, entails 15,068,000 common shares of EQR stock and 7,870,000 common shares in AVB, according to SEC filings, and represents about 9.8% of EQR and 13.2% of AVB.

In a release, AVB says Jupiter Enterprise is pricing the common stock at $137 per share. LBHI had received a total of 14,889,706 shares of AVB stock as part of its $6.5-billion sale of Archstone to the two REITs this past November. EQR issued a release on Thursday morning announcing that the shares—a little less than half the 34,468,085 EQR shares that were issued to LBHI as part of the Archstone deal—were priced, but did not provide pricing information. A spokesman for EQR did not respond to GlobeSt.com’s requests for clarification.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.