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Archstone Smith Deal in Jeopardy
Barron’s (pay subscription needed) reported that the buyout by Lehman Brothers and Tishman Speyer Group for Archstone Smith may be in jeopardy. The Barron’s article was summarized here in Seeking Alpha. Partly due to declining real estate prices and banking losses, investors have only bought $500 million of the $4.6 billion needed to close the deal. SA Editor Judy Weil wrote: “Archstone has more than $16B of debt, keeping interest expense at $1B-plus annually. That’s more than its Q2′07 annual cash flow rate of $700M.” Archstone Smith has a high-rise building at 660 Washington Street in Chinatown.
January 24, 2008 at 9:54 am
This is a very interesting issue. I would love to know what the consequences are for a building in debt. Since the building is renter occupied, does that mean people will be out in the street?
If it is like any company, the bank will take over, liquidate the assets and kick the people out.
I’m surprised similar issues haven’t started showing up in the news like that of the Harbor Tower issue.
January 25, 2008 at 2:18 pm
Depends on how the debt is structured. The renters will not be kicked out because that is their cash flow.