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Lennar Files with SEC for $5B Land REIT Spin-Off
Lennar Corp. said Wednesday it filed a registration statement with the SEC to spin off its land holdings into a separate, publicly traded company. The Miami-based homebuilder expects the spin-off, to be known as Millrose Properties, to qualify as a REIT valued at $5 billion or more.
“The spin-off of Millrose is a continuation of Lennar’s long-stated strategy of becoming a pure-play, new home manufacturing company for building and selling new homes to both primary buyers and institutional buyers of new homes,” according to the SEC filing.
According to the filing, Lennar plans to distribute about 80% of Millrose’s common stock to its existing Class A and B shareholders in a partial, taxable spinoff. The company will then dispose of the remaining 20%.
The assets Lennar will transfer to Millrose include 105,440 homesites in 26 states. A total of 47% of these sites are in California, Florida and Texas.
- ◦Sale/Acquisition
- ◦Development
