Sunday, December 2, 2007

Lennar Sells 11,000 Lots to Morgan at a 60% Discount

Lennar Corp said on Friday it formed an investment venture with Morgan Stanley Real Estate and sold the venture $525 million in properties.

The properties acquired by the new entity consist of about 11,000 homesites in 32 communities across the United States, it said.

As of September 30, the acquired properties had a net book value of $1.3 billion, it said.

The land portfolio includes a mix of raw land as well as partially and fully developed homesites in both active and future communities. The communities are located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey.


Anonymous said...

Mr. Paul said today on bloomberg that he is goin to announce some bailout plan end of this week. That should pump up the beaten up stocks. (Atleast for short tem )

What your take ?

Anonymous said...

I mean our treasury secretary.

CP said...

I think that all of these bailout plans are propaganda, designed to keep people hopeful and in suspense through the end of the year.