Lennar Subsidiary Files SEC Filing For Planned Spin-Off

(RTTNews) - Lennar Corp. (LEN) on Wednesday announced that its subsidiary, Millrose Properties, Inc., has filed with the Securities and Exchange Commission regarding a planned spin-off.

The home builder added that the spin-off consists of a contribution by Lennar to Millrose of land and cash and a distribution of Millrose's stock to Lennar's stockholders.

If the spin-off goes as planned, Millrose will become an independent, publicly traded company engaging in land purchases, horizontal development and homesite option purchase arrangements.

Currently, Lennar's stock is trading at $152.32, up 0.56 percent on the New York Stock Exchange.