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Equity Seeks Archstone Interest for $1.3B

CHICAGO-The Sam Zell-owned firm wants to be a determining factor in what happens with Denver-based Archstone through a 26.5% minority interest purchase.

By Robert Carr | Updated on December 05, 2011

CHICAGO-Equity Residential, based here, said in a statement that it has entered  a contract to acquire a minority share in Denver-based Archstone for $1.3 billion. Both firms own, develop and manage apartment properties.

Equity is trying to buy 26.5% ownership interest in Archstone, about one half of the collective interests currently owned by affiliates of Bank of America and Barclays Bank PLC. For the deal to close, another significant Archstone owner has to decline its right of first offer to purchase the shares at the same price, allowing the transaction to close in the first quarter.

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