The SEC filing calls for the sale of up to $750 million in common stock. No date for the IPO, estimated price range for shares or indication of the number of shares to be offered is detailed in the filing. Deutsche Bank is listed as the lead underwriter, and Goldman Sachs, Citigroup and Merrill Lynch are listed as co-managers. Principals of LNR tell GlobeSt.com, "no one at the company is commenting on the filing."
According to the SEC document, LNR Capital seeks to qualify as a REIT. Proceeds of the IPO will be used to acquire an initial portfolio of real estate financial assets from LNR Property Holdings' subsidiaries, and the filing specifically refers to CMBS, commercial backed mortgage securities. LNR Capital Operating Partnership LP, of which LNR Capital will be the sole general partner, will conduct all of the public company's new business. In addition, LNR Property and its subsidiaries will receive all of the net proceeds from the IPO.
According to the filing, LNR Capital Corp. had revenues of $4.7 million in March 2005 with net earnings of $4.4 million. LNR Property was founded in 1997 as a spin-off of homebuilder Lennar Corp.
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