We advised the financial advisers on the spinoff transaction

Davis Polk advised the financial advisers to Lennar Corporation, in connection with the spinoff of Lennar’s recently formed subsidiary, Millrose Properties, Inc., into an independent, publicly traded company through a distribution of 80% of the shares of common stock of Millrose to the shareholders of Lennar.

Lennar is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name.

Millrose is an independent, publicly traded company that is engaged in land purchases, horizontal development and homesite option purchase arrangements, for Lennar, certain entities with which Lennar has a business relationship or in which Lennar has an ownership interest, and potentially other homebuilders and developers.

The Davis Polk capital markets team included partner Derek Dostal and associate Frank (Xinggang) Zhang. The tax team included partner Patrick E. Sigmon, counsel Liang Zhang and associate William Liang. All members of the Davis Polk team are based in the New York office.

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