Miami, FL, January 2, 2007--Lennar Corp. and LNR Property Corp. said on Monday they would bring MW Housing Partners into their LandSource strategic joint venture, for which they will get about $660 million each.
Lennar said it would see about $500 million in profit from the transaction, of which about $125 million will be recognized at closing and about $375 million will be deferred over future years.
MW Housing will get a 62 percent financial interest in LandSource, and will have 50 percent voting control of the entity.
LandSource assets are valued at about proximately $2.6 billion, with a potential increase adjustment to that value of over $600 million.
