Lehman Said to Seek $2.6 Billion to Buy Archstone Control

Lehman Brothers Holdings Inc. is trying to raise about $2.6 billion to buy a controlling stake in Archstone, its biggest real estate asset, as part of a plan to sell or liquidate the apartment owner for $6 billion or more, according to a person familiar with the plan.

Lehman’s strategy depends on getting control of the company, said the person, who declined to be named because the money-raising efforts are private. Lehman is seeking to raise money in talks with investors including Blackstone Group LP and Brookfield Asset Management Inc., said another person familiar with the plan, who asked not to be identified because the negotiations are private.