LNR Property Corporation Announces the Expiration of the Debt Tender O

    Business Editors

    MIAMI BEACH, Fla.--(BUSINESS WIRE)--Jan. 28, 2005--LNR Property Corporation (NYSE:LNR) announced that the tender offer to purchase for cash any and all of the outstanding 7.625% and 7.25% Senior Subordinated Notes due 2013 has expired at 5:00 p.m., New York City time, today in accordance with the terms and conditions set forth in the Offer to Purchase and Consent Solicitation dated December 30, 2004, as modified by an Amendment to Offer to Purchase and Consent Solicitation dated January 12, 2005.
    At the time of the expiration of the tender offer, $333.5 million principal amount of the 7.625% Senior Subordinated Notes (out of a total of $350 million principal amount) and $393.0 million principal amount of the 7.25% Senior Subordinated Notes (out of a total of $400 million principal amount) had been properly tendered and not validly withdrawn. If and when the merger with a wholly-owned subsidiary of LNR Property Holdings Ltd. (formerly "Riley Property Holdings LLC") becomes effective, and assuming the other conditions to the offer continue to be satisfied, LNR will accept and pay for all of the Notes that have been properly tendered and not validly withdrawn.

--30--JAR/mi*

CONTACT: LNR Property Corporation, Miami Beach Shelly Rubin, 305-695-5440

KEYWORD: FLORIDA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION SOURCE: LNR Property Corporation

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