L
ennar, a leading homebuilder, is set to spin off its land banking subsidiary, Millrose Properties, into a publicly traded company next year. The Miami-based firm, led by co-CEOs Jon Jaffe and Stuart Miller, has filed a registration with the Securities and Exchange Commission. Millrose will focus on acquiring and developing land for Lennar and other developers through purchases, horizontal development, and homesite option agreements.

    As part of the spin-off, Lennar is contributing $5-6 billion in developable or prospective homesites and $1 billion in cash to Millrose. The company plans to use $900 million of this cash to acquire Rausch Coleman Companies' land holdings in Arkansas. Millrose will operate as a real estate investment trust (REIT) starting in 2025, offering investors a tax-efficient, income-generating opportunity.

    Millrose's headquarters will be located at Kennedy Lewis Investment Management's Miami office, with additional offices in New York City and Fort Washington, Pennsylvania. The company is led by Darren L. Richman as CEO and president, Robert Nitkin as chief operating officer, Rachel Presa as general counsel and secretary, Adil Pasha as chief technology officer, and Garett Rosenblum as chief financial officer.