Akin Advises Millrose Properties Inc. in Ground-Breaking $5.8 Billion Spinoff from Lennar Corporation
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(New York and Dallas) – Akin advised Millrose Properties Inc. (Millrose), a “first-of-its-kind" homesite option purchase platform, in the completion of the previously announced taxable spin-off of Millrose from Lennar Corporation through a distribution of approximately 80% of Millrose’s stock to Lennar’s stockholders. The innovative, first of its kind transaction creates a new $5.8 billion public company while accelerating Lennar’s strategy of becoming a pure-play, asset-light, new home manufacturing company.
In connection with the spin-off transaction, Lennar has contributed $5.5 billion in land assets and $1 billion in cash to Millrose, and the book value of Millrose equity is $5.8 billion as of December 31, 2024. Akin also advised Millrose on its entry into an approximately $1.3 billion revolving credit facility in connection with the consummation of the spin-off.
As of February 7, 2025, Millrose became an independent publicly traded company on the NYSE under the symbol “MRP.” Millrose engages in land purchases, horizontal development and homesite option purchase arrangement for Lennar and potentially other homebuilders and developers.
The Akin team was led by special situations co-head Dan Fisher and corporate practice co-head Zachary Wittenberg, and included corporate partner John Clayton; finance partner Alan Laves; senior counsel Alex Reuss; counsel Stefanie Manna and Lech Wilkiewicz and associates Taylor Williams, Megan Hamilton, Beatrice Techawatanasuk, Brady Pedneau, Karolen Eid and Karen Liu, all of whom are in Akin’s corporate and finance practices.
For additional details on the transaction, please click here.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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