Lehman Brothers Holdings Inc has gone to court against Bank of America (NYSE:BAC) and Barclays Plc (NYSE:BCS) seeking an injunction against their reported deal to sell a stake in real estate giant Archstone to Sam Zell’s Equity Residential (NYSE:EQR).
Lehman is seeking to purchase half the banks’ stake in Archstone, for $1.33 billion, having the right to match Zell’s price. This would throw the spanner in the banks’ agreement to sell a 26.5% stake, with an option to Zell to buy the remaining half for $1.33 billion or more.
According to Lehman, it has up to Jan. 23 to obtain court approval for the acquisition, pay a deposit amount of $66 million and take over the stake by paying the $1.33 billion.
Lehman is eyeing the stake as it feels that it could sell or liquidate Archstone for at least $6 billion.
Archstone had stakes in about 428 apartment complexes with about 74,000 units, including some under construction, as of Sept. 30. The total comprises 179 properties with about 60,000 units in the U.S. and 249 sites with about 14,000 units in Germany.