The Valencia, CA-based community planning company that the Lennar/LNR joint venture is acquiring owns landholdings in the Los Angeles area. Lennar and LNR will each own 50% of the acquiring venture now that Newhall Land unitholders approved the principal terms of the merger.

"We are pleased with the overwhelming approval by our unitholders as it brings us one step closer to completing this significant transaction," Gary M. Cusumano, president and CEO of the Newhall Land and Farming Co., says in a statement. "Joining forces with Lennar and LNR will be another important milestone in the long and proud history of the company. We look forward to continuing our stewardship of the land and carrying out the vision for Valencia and Newhall Ranch as we continue to create great places to live, work and raise families."

Newhall Land says it appears the transaction may close much earlier than the original plan of closing by mid-2004. However, it is still subject to approval by the California Public Utilities Commission to change control of Newhall's wholly owned subsidiary, Valencia Water Co., and routine closing conditions. LNR and Lennar stockholders do not need to vote on the transaction. Their boards of directors have already approved it.

Publicly traded Newhall Land is a north Los Angeles County community planner. Its main activities are planning the Valencia and Newhall Ranch communities, located on 34,000 acres 30 miles north of Downtown Los Angeles.

Publicly traded LNR Property Corp., a national, diversified real estate investment, finance and management company, invests in real estate by acquiring, developing, repositioning, managing and selling commercial properties. The company's assets consist of office buildings, industrial/warehouse buildings, retail centers, rental apartment communities, hotels and land. LNR Property Corp. is a spin-off of Lennar Corp. formed Oct. 31, 1997. Lennar Corp., also publicly traded, is a national homebuilder founded in 1954.