MIAMI -- Lennar Corporation announced Monday it has been selected by LW Real Estate Investments LP, a recently formed partnership between Westinghouse Electric Corp. and an affiliate of Lehman Bros., to manage the partnership's portfolio of commercial real estate assets.
The partnership purchased the portfolio for about $1.1 billion, which it said represented about 52 percent of the portfolio's face value.
In addition to its asset management responsibilities, Lennar is investing about $29 million to acquire a 10 percent limited partnership interest.
The investment in the partnership is Lennar's third major asset purchase in the past year.
In 1992, affiliates of Lennar and Morgan Stanley acquired approximately $900 million of AmeriFirst Savings and Loan assets from the Resolution Trust Corp. for $445 million, or 50 percent of book value.
Earlier this year, Lennar purchased about $75 million of assets from the RTC for $25 million, or 33 percent of book value.
'This investment is a landmark for Lennar. With this transaction, we will have undertaken the management of three significant portfolios with assets aggregating approximately $3 billion,' said Stuart Miller, president of Lennar's asset management division.
