Archstone Plans $100M IPO
- Aug 14, 2012
Archstone Inc. is planning to go public. The apartment owner, developer and manager recently filed a registration statement with the Securities and Exchange Commission for a potential public offering of its common stock with a proposed maximum offering price of $100 million.
Officially formed July 19, 2012, Archstone is the successor to Archstone-Smith Trust, a leading public apartment REIT until October 2007, when the company became a private entity. As of the close of the first quarter, Lehman Brothers Holdings Inc., Bank of America, N.A. and Barclays Capital Real Estate, Inc. owned the equity interest in Archstone-Smith, with LBHI, holding 73.5 percent of the interests. Archstone-Smith’s portfolio of owned and partially owned properties totaled 181 communities featuring an aggregate 59,149 residences in various states across the country.
Along with the IPO, Archstone plans to acquire substantially all of Archstone-Smith’s assets, adding to its current portfolio totaling 434 properties across the United States and Europe. Archstone has applied to be listed on the New York Stock Exchange under the symbol ASN. Citigroup and J.P. Morgan are serving as the joint book-running managers for the IPO.
The last few months has brought other news in the world of real estate IPOs. AmREIT Inc., a neighborhood and community shopping center owner, announced in July its scheduling of a $51 million IPO with a $645 million market capitalization. Just last week, the SEC declared healthcare real estate REIT NorthStar Healthcare Income Inc.’s registration statement for a $1.1 billion IPO effective.