Blackstone and KKR eye Lehman assets

Reuters – Blackstone and Kohlberg Kravis Roberts & Co are each looking to buy parts of Lehman’s real estate and asset management units, sources familiar with the situation said on Friday, sparking a broad rebound in financial stocks.

The real estate unit of Lehman Brothers Holdings Inc, which includes property and some asset-backed securities, could be worth about $5 billion (2.8 billion pounds), the sources said.

Lehman shares jumped 5.3 percent after the Reuters report. That helped lift the S&P financial index , which had slipped earlier on Friday, by 1.8 percent.

"Lehman has been so shredded in terms of confidence that anything like this is something that can ignite a upward movement at any point," said Michael Holland, founder of money manager Holland & Co LLC.

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