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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.

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