WASHINGTON (dpa-AFX) - Lennar Corp. (LEN) Friday, announced that it has completed the taxable spin-off of Millrose Properties, distributing 80 percent of its shares to Lennar stockholders. Millrose is now an independent public company trading on the NYSE under the symbol 'MRP'
Milrose has received $5.5 billion in land assets and $1 billion in cash from Lennar. The move supports Lennar's shift to a land-light homebuilding model. Millrose, managed by Kennedy Lewis, will acquire, develop, and sell residential land, initially supplying Lennar but expanding to other homebuilders.
The company plans to leverage its revolving credit facility for financing future transactions.
LEN is currently trading at $124.32, up 2.30 percent or $2.93 on the New York Stock Exchange.
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