Lehman plans to take Archstone public

Lehman Brothers Holdings Inc. filed plans to take apartment giant Archstone Inc. public in a major step toward unwinding its largest real-estate investment, which helped undo the investment bank in 2008.

Months after fending off an attempt by real-estate mogul Sam Zell to buy a big piece of Archstone, Lehman filed a plan with the Securities and Exchange Commission on Friday to sell common stock to the public. The proceeds would partly be used to pay debt.

Lehman, which emerged from bankruptcy protection earlier this year, has long eyed an initial public offering as a route to extricate itself from Archstone. A Lehman spokeswoman declined to comment.

Archstone owned or had an ownership interest in 181 communities in the U.S. with 59,419 units that were operating or under construction as of March 31. Analysts have estimated the company’s value at between $17 billion and $19 billion, which includes over $9 billion in debt.

For questions Call Nathaniel Pitchon-Getzels at 818 535 5337

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