1. Tishman Speyer Properties LP, the owner of 14,000 apartments, and Lehman Brothers Holdings Inc. are seeking to expand into apartments as U.S. home prices fall, spurring rental demand.
2. They are in talks to buy apartment developer Archstone-Smith Trust, the second-largest U.S. apartment real estate investment trust, for more than $12 billion because of its high-quality assets, presence in key markets including Europe, low leverage and its high-rise properties that can be viewed as call options on the next condo wave.
3. Tishman would also assume debt, bringing the total value of the transaction to more than $20 billion.
4. Tishman Speyer is developing 1,000 condominiums in San Francisco.
Revenue axiom: more investment equals more revenue (in a growing market)
[Click here for full story at: BLOOMBERG.COM]
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