LENNAR AND MORGAN STANLEY WIN RTC BID
LENNAR AND MORGAN STANLEY WIN RTC BID NEW YORK, Feb. 27 /PRNewswire/ -- Morgan Stanley Real Estate Fund,
L.P. and Lennar Corporation announced today that they have been notified of their joint selection by the Resolution Trust Corporation (RTC) as the winning bidder in the RTC's auction of a portfolio of assets from the AmeriFirst Federal Savings Bank conservatorship. The Morgan Stanley Real Estate Fund, L.P. is an $800 million private pool of equity capital for investment in real estate. Lennar Corporation, based in Miami, is Florida's largest homebuilder.
No purchase price information was disclosed, but current book value of the AmeriFirst portfolio is approximately $900 million. Details will be disclosed by the RTC following execution of a definitive purchase and sale agreement. -0- 2/27/92 /CONTACT: Allan J. Pekor, chief financial officer of Lennar, 305-559-4000, or Jeanne Donovan Andrews of Morgan Stanley, 212-703-4058/ CO: Morgan Stanley Real Estate Fund, L.P.; Lennar Corporation; Resolution Trust Corporation ST: New York, Florida IN: SU: SM -- NY005 -- 3080 02/27/92 08:14 EST
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|Date:||Feb 27, 1992|
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