Lennar Brings MW Housing into Joint Venture

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.