logo
Share SHARE
FONT-SIZE Plus   Neg

Equity Residential To Sell 27 Properties For $1.5 Bln

Equity Residential (EQR) Monday said it has agreed to sell 27 properties to a joint venture of Goldman, Sachs & Co. (GS) and Greystar Real Estate Partners LLC for $1.5 billion.

The transaction values the 27 properties at about $187,000 per apartment unit. Equity Residential has granted the buyer the right to exclude up to 8 percent of the assets from their purchase, but are obligated to purchase not less than $1.38 billion of assets.

David Neithercut, Equity Residential's chief executive officer, "With this transaction we will have made significant progress selling assets in our exit markets and non-core assets in primary markets to fund our share of the acquisition of Archstone."

The joint venture has agreed to buy a total of 8,010 units located at Washington, northern New Jersey, Florida, Phoenix, Denver, southern California and San Francisco bay areas.

Last November, Equity Residential had agreed to buy 60 percent of apartment owner Archstone Enterprise LP from Lehman Brothers Holdings Inc. in a cash and stock deal worth $6.5 billion. AvalonBay Communities, Inc. (AVB) is acquiring the rest 40 percent.

Equity Residential had said it would fund a substantial portion of the acquisition with proceeds from asset sales.

EQR is currently trading at $57.36, up $0.13 or 0.23%, on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Book retailer Barnes & Noble has pulled off from shelves its Nook tablet due to a faulty charger, after launching the cheap 7-inch tablet in November to take on Amazon's popular Fire tablets. Nook tablet has been removed from brick and mortar stores as well from online. Barnes & Noble has not issued... Morgan Stanley (MS) reported fourth-quarter net income applicable to company of $1.7 billion, or $0.81 per share compared with income of $908 million, or $0.39 per share, for the same period a year ago. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share... A federal judge this week ruled in favor of media company Viacom, stating that the fictional restaurant "The Krusty Krab" in the animated television series "SpongeBob SquarePants" is worthy of trademark protection. SpongeBob is aired by Viacom's Nickelodeon cable network.
comments powered by Disqus
Follow RTT