MIAMI, November 30 /PRNewswire FirstCall/- - Lennar corporation, one of the largest homebuilders the nation and Morgan Stanley of the real estates, a participant of Morgan Stanley & CO, Inc., to handle and sell announced today that they formed a strategic country investment for venture to develop in order to acquire living real estates. Parallel with its arrangement, the new investment venture acquired a varied briefcase of the country of Lennar. The characteristics, which are acquired by the new nature, consist of approximately 11,000 homesites in 32 communities, which are convenient in the country. The land briefcase closes a mixture of the raw country as well as partly and completely developed homesites in the active and future communities in. The communities are in California, in Kolorado, in Florida, in Illinois, in Maryland, in Massachusetts, in Nevada and in new jersey. Lennar acquired 20% a property portion and a 50% the selecting rights in investment risks. Starting from Septembers, the acquired characteristics a net book value of approximately $1,3 billion had 30, 2007 and the sales price were $525 million. Lennar handhas the enterprises country investment of the venture and receives fees for its services. It receives also disproportionate distributions to the extent, which investment the venture financial goals exceeds. When part of the negotiation, the Lennar, which makes in option agreements and the rights of the first offer Lennar available risks will enter, intended opportunity, finished homesites at the market values for the time of the exercise of investment to buy. Stuart Miller, Praesident and general manager von Lennar corporation said: “we are very much pleased to extend our traditional relationship to Morgan Stanley. The combined expertise and the operational funds, which are made available of the Lennar/Morgan Stanley crew, permit us, to maximize the value this briefcase and to make a casting available, in order to write on uneconomicnesses in the today’s living property market largely. This negotiation provides us with increased liquidity and flexibility at a favorable time.” Citigroup global Markets Realty Corp. served exclusive line as Arrangeur for the nonrecourse acquisition, which finances to investment the venture. Morgan Stanley served as financial advisor Morgan Stanley for the real estates. Over Lennar corporation Lennar the Korporation based 1954, is one of the prominent designers of the nation of the quality houses for all production. The company establishes afFordable, shift above and retirement houses mainly under the Lennar label name. Lennars segment of the financial services puts mainly financingfinancing financing, title insurance and closing services for both customers to that of the houses and the other company at the disposal. Preceding Pressekommuniqu�s and further information about the company can be caught up at “investor relations” the section of the web site of the company, www.lennar.com. Over Morgan Stanley real estates Morgan Stanley real estates of three global main business will contain: investing, banking operations and rental businesses. Since 1991 Morgan Stanley have real estates $158,1 billion of real estate values acquired and at present $88,3 billion in the real estate values in the name of its clients world-wide to handle. investment banking services for real estate clients advice include a complete distance of the leading the market ones on strategy, fusions, acquisition and restructurings, as well as signing the general and private debt and the cheapness financings. As global leaders in the credit on real property business, Morgan Stanley offered approximately $199,6 billion of CMBS by the capital markets since 1997, including $36,1 billion by the third trimester of 2007. To more information about Morgan Stanley real estates, visit you please www.morganstanley.com/realestate. Some the statements in this Pressekommuniqu� “forward looking statements,” as that designation in the private collateral law case improvement act is defined of 1995. These looking forward statements close concerning the statements are our business, financial condition, results of the enterprises, strategies and prospects in. They can mark the forward looking of of statements by the fact that these statements do not refer exclusively on the historical or present affairs. Rather forwardlooking statements refer in the anticipated or expected cases, the activities, the tendencies or the results. Because forwardlooking statements refer to affairs, which did not still arise, these statements depend in itself on dangers and uncertainties. Many factors could arrange Lennars actual activities or results to differ from the activities and from the results materially which were anticipated in forwardlooking statements. These factors include also, which terminates November 30, 2006 under the sub-title “danger factors” in the individual part 1A from Lennars annual report over form 10-K for our fiscal year is described. Lennar is not received commitment to update the forward looking from of statements to.
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