Reuters: Regulatory News: Lehman's Archstone files for IPO of up to $100 mln

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Lehman's Archstone files for IPO of up to $100 mln Aug 10th 2012, 21:33 Fri Aug 10, 2012 5:33pm EDT * Expects to qualify as REIT * To list on the NYSE under symbol "ASN" * Citigroup and JP Morgan to underwrite IPO Aug 10 (Reuters) - Archstone Inc, the Lehman Brothers Holdings Inc-owned apartment developer, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock. The company which acquires, develops and operates apartment complexes in the United States, said in a preliminary prospectus that it intends to qualify as a real estate investment trust or REIT. Lehman had bought out Barclays Capital and Bank of America Corp from Archstone for $1.58 billion in May this year. Citigroup and JP Morgan are underwriting the IPO, the company said in the filing with U.S. regulators. Archstone owned or had stakes in 181 apartment communities with 59,419 units in the United States as of March 31, the company said in the filing. The filing did not reveal how many shares the company planned to sell or their expected price. The Englewood Colorado-based company intends to list its common stock on the New York Stock Exchange under the symbol "ASN". Archstone intends to use the IPO proceeds for repayment of debt and general working capital expenses. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. Link this Share this Digg this Email Reprints

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