Lennar to spin-off businesses to become pure-play homebuilder, financial services company
In this article:
March 17 (Reuters) - Lennar Corp said on Wednesday it plans to spin-off all or parts of ongoing businesses to become a pure-play homebuilder and financial services company.
Businesses being spun-off include Lennar Mortgage Finance, the company's commercial mortgage business, and technology investment business.
The U.S. homebuilder said, on a post-earnings call with investors, the expected size of the spun-off enterprise would be between $3 billion and $5 billion in asset base, with no debt. (Reporting by Shreyasee Raj in Bengaluru; Editing by Shailesh Kuber)
