Lehman sells Archstone for $6.5 billion

The Lehman estate agreed on Monday to sell apartment complex company Archstone to its two biggest real estate rivals, reports The New York Times.

It says Equity Residential and AvalonBay Communities have purchased the company for about $6.5 billion in cash and stocks.

It adds, “The sale will dispose of the Lehman estate’s single biggest asset, as it continues efforts to wind itself down and pay off the firm’s legions of creditors.”

Read more on the sale.

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