Lennar Corp. and Millrose Properties have successfully completed the previously announced taxable spin-off of Millrose from Lennar through a distribution of approximately 80 percent of Millrose’s stock to Lennar’s stockholders.
Millrose engages in land purchases, horizontal development and homesite-option purchase arrangements for Lennar and potentially other homebuilders and developers.
Stuart Miller, executive chairman and co-CEO of Lennar, said, “With today’s successful launch of Millrose Properties, we are very excited to advance Lennar’s strategy of becoming a pure-play land-light manufacturer of homes. The spin-off of Millrose Properties is a significant milestone for Lennar and the industry, and we look forward to the Millrose team building a Lennar solution, as well as an entire industry solution, and creating an exceptional, land banking platform that will drive accretive yield growth as it expands.”
