Lennar, Morgan Stanley in real estate dealTroubled homebuilder sells property portfolio for $525 million to new investment venture owned mostly by the Wall Street bank.LONDON (CNNMoney.com) -- Homebuilder Lennar Corp. has sold a property portfolio to a new venture mostly owned by an affiliate of Wall Street bank Morgan Stanley for $525 million. Lennar (Charts, Fortune 500) said late Friday it had formed an investment venture with the real estate arm of Morgan Stanley (Charts, Fortune 500) to buy, develop and sell residential property. As part of the deal, Lennar sold the entity about 11,000 home sites. The properties had a book value of about $1.3 billion as of Sept. 30 and are located in 32 communities across the country. Lennar owns a 20 percent stake in the new investment venture. It also will receive fees for managing its operations. |
Photo Galleries
Even starlets are subject to the faltering real estate market. Just three years after buying her Los Angeles home, Johansson is selling it for $2 million less than she paid. More
What becomes of the printed word? What's the fate of companies that produce periodicals and books? Here's what 8 media and tech luminaries think. More
The number of discouraged job seekers is at an all time high. These readers tell us what it's like to give up on the job search. More
Sponsors
|
© 2010 Cable News Network. A Time Warner Company. All Rights Reserved.
Terms under which this service is provided to you. Privacy Policy. Advertising Practices.
Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
| Copyright © 2010 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use. Intraday data is at least 20-minutes delayed. All times are ET. Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data. Fundamental data provided by Morningstar, Inc.. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |
