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

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"We are pleased with the overwhelming approval by ourunitholders as it brings us one step closer to completing thissignificant transaction," Gary M. Cusumano, president and CEO ofthe Newhall Land and Farming Co., says in a statement. "Joiningforces with Lennar and LNR will be another important milestone inthe long and proud history of the company. We look forward tocontinuing our stewardship of the land and carrying out the visionfor Valencia and Newhall Ranch as we continue to create greatplaces to live, work and raise families."

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Newhall Land says it appears the transaction may close muchearlier than the original plan of closing by mid-2004. However, itis still subject to approval by the California Public UtilitiesCommission to change control of Newhall's wholly owned subsidiary,Valencia Water Co., and routine closing conditions. LNR and Lennarstockholders do not need to vote on the transaction. Their boardsof directors have already approved it.

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Publicly traded Newhall Land is a north Los Angeles Countycommunity planner. Its main activities are planning the Valenciaand Newhall Ranch communities, located on 34,000 acres 30 milesnorth of Downtown Los Angeles.

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Publicly traded LNR Property Corp., a national, diversified realestate investment, finance and management company, invests in realestate by acquiring, developing, repositioning, managing andselling commercial properties. The company's assets consist ofoffice 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 in1954.

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