{"id":117304,"date":"2021-03-17T18:57:16","date_gmt":"2021-03-17T18:57:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=117304"},"modified":"2021-03-17T18:57:16","modified_gmt":"2021-03-17T18:57:16","slug":"lennar-to-spin-off-some-non-core-units-form-a-rental-housing-venture","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/lennar-to-spin-off-some-non-core-units-form-a-rental-housing-venture\/","title":{"rendered":"Lennar to spin-off some non-core units, form a rental housing venture"},"content":{"rendered":"
FILE PHOTO: Newly constructed houses built by Lennar Corp are pictured in Leucadia, California March 18, 2015. REUTERS\/Mike Blake
\n<\/figcaption>

(Reuters) – Lennar Corp said on Wednesday it plans to spin-off all or parts of its non-core businesses to become a pure-play homebuilder and financial services company, while also creating a joint venture to provide single family homes for rent.<\/p>\n

The move sent the U.S. homebuilder\u2019s shares up by nearly 11% in afternoon trading on the New York Stock Exchange.<\/p>\n

Lennar\u2019s focus on its core homebuilding business comes as housing has been one of the persistent bright spots throughout the coronavirus-driven recession and mortgage rates are hovering near historic lows of around 3%, boosting buyer affordability.<\/p>\n

\u201cWe (are focusing) on driving higher returns with less noise in our numbers from lumpy profits,\u201d Lennar Chairman Stuart Miller said, adding that this would \u201cincrease visibility for the capital markets\u201d into its core operation.<\/p>\n

The expected size of Lennar\u2019s spun-off enterprise would be between $3 billion and $5 billion in asset base, with no debt, and could include Lennar\u2019s commercial mortgage business, the company said on a post-earnings call.<\/p>\n

Lennar\u2019s rental venture, called Upward America Venture, will buy single family homes for rent in high growth markets in the United States, and is backed by private equity firm Centerbridge Partners as the lead investor.<\/p>\n

Centerbridge as well as asset manager Allianz Real Estate and some other institutional investors have committed a total equity of $1.25 billion for Lennar\u2019s rental venture that will have an access to the company\u2019s pipeline of over 300,000 owned and controlled homesites.<\/p>\n

Lennar on Tuesday beat quarterly profit estimates helped by robust home sales.<\/p>\n

The company\u2019s stock has nearly tripled in the past 12 months.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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