Simpson Thacher Represents Barclays Bank PLC in Partial Sale of its Interests in Archstone
12.06.11
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Simpson Thacher is representing Barclays Bank PLC, which has agreed to sell one half of its interests in Archstone to Equity Residential in a transaction pursuant to which Bank of America would also sell one half of its interests for an aggregate purchase price of $1.325 billion in cash. Closing is contingent on the remaining significant Archstone owner not exercising its right of first offer to acquire these interests, as well as certain other closing conditions.
Archstone is a privately-held owner, operator and developer of multifamily apartment properties primarily located in top U.S. growth markets. Archstone’s portfolio includes, among other things, 48,922 wholly-owned and stabilized apartment units and approximately 14,000 apartment units in Germany, owned wholly and in joint venture.
The Simpson Thacher team included: Patrick Naughton, Kevin Lehpamer, Nicholas Ferrer and Karen Wang (M&A); Peter Pantaleo (Restructuring and Bankruptcy); Gregory Ressa and Patrick Dowd (Real Estate); Nancy Mehlman and Andrew Purcell (Tax); Alvin Brown, Andrea Walhquist and David Schneider (Executive Compensation and Employee Benefits); and David Vann and Michael Naughton (Antitrust).