We advised the dealer managers on the exchange offer

Davis Polk advised the dealer managers for Lennar Corporation, in connection with the offer by Lennar to exchange up to 33,298,764 shares of Millrose Properties, Inc. Class A stock it owns for outstanding shares of Lennar Class A common stock. After giving effect to the exchange offer, Lennar no longer owns any Millrose shares.

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, counsel Konstantinos Papadopoulos and associate Madison White. The tax team included partner Patrick E. Sigmon and associate Bryce Maxey. Members of the Davis Polk team are based in the New York and São Paulo offices.

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