Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI BEACH-LNR Capital Corp., a newly created financing and investment affiliate of locally based LNR Property Corp., has filed with the SEC to launch an initial public offering with the NYSE under the call letters LNR. Just this February, the LNR symbol exited the big board when LNR Property became a private company via its $3.8-billion acquisition by an affiliate of New York City- based Cerberus Capital Management and Blackacre Capital Management.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.