Lennar Buys Homebuilder WCI for Intellectual Property & Land
This article in Builder Online provides detailed analysis of production builder Lennar Corporation’s purchase of Florida-based WCI Communities. The deal represents a 37% premium to WCI's closing share price, and gives Lennar an even more significant presence in Florida:
“The deal is all about timing, and it speaks to a masterful job of optimizing WCI's value by ceo Keith Bass and his team, as it does to an opportunistic past-mid-cycle stroke of brilliance by Lennar ceo Stuart Miller, president Rick Beckwitt, and their team…The Bonita Springs, Fla.-based WCI community development model and upmarket brand currency may also be one Lennar could port beyond the Florida market; it has had prior exposure in the Northeast and MidAtlantic markets, and may work in other geographies as well, including Texas, California, and the Northwest."
