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Wednesday, Jun 7, 2023

Newhall Land Ownership Transferred

Newhall Land & Farming is getting a new majority owner. A joint venture between Lennar Corp. and LNR Property Corp., is selling a 62 percent stake in its LandSource Communities Development LLC unit, whose primary investment is with Newhall. The deal, for about $1.3 billion in cash and property, will be split evenly between Lennar and LNR. The buyer, MW Housing Partners, will have just 50 percent voting control of the venture, Lennar said. Lennar and LNR will also retain rights of first offer to purchase property owned by LandSource. Lennar, a home builder, and LNR, a commercial real estate company, will also continue to be responsible for day-to-day operations management. A joint venture of the two companies acquired Newhall Land in 2004 for about $1 billion. MW Housing Partners is co-managed by MacFarlane Partners and includes the California Public Employees Retirement System, CalPers. The deal, subject to regulatory and other approvals, is expected to close in February.

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