- Lennar Corp’s LEN wholly-owned subsidiary LMC and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture (JV) to develop multifamily residential communities.
- CPP Investments and LMC have allocated $979 million in equity to the joint venture.
- CPP Investments will own a 96% stake, and LMC will own the remaining 4%.
- The JV will focus on urban and suburban communities across major U.S. markets.
- The venture will launch with five seed assets: One in Boston, one in Miami, and three in Denver, together totaling 1,371 apartment homes.
- Price Action: LEN shares are trading lower by 2.91% at $86.83 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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