IPO for builder? Great Park developer FivePoint explores going public
July 7, 2015
By JEFF COLLINS / STAFF WRITER
Lennar Corp. spinoff FivePoint Communities may soon become a publicly traded company, the Aliso Viejo firm announced Tuesday.
Formed in 2009 to manage development of the Orange County Great Park and other Lennar mega-projects in north Los Angeles County and San Francisco, FivePoint announced it had filed initial paperwork with the U.S. Securities and Exchange Commission for ?a possible initial public offering of its Class A common stock.?
?The purpose of the proposed offering is to facilitate the combination of the entities that own, and will continue to own, Newhall Ranch, Great Park Neighborhoods and the San Francisco Shipyard and Candlestick Point,? the company statement said.
FivePoint Chief Executive and minority partner Emile Haddad would be the chairman and CEO of the publicly held company.
The number of shares to be offered and initial stock price have yet to be determined, the company said. FivePoint said its SEC filing is confidential.
Lennar formed FivePoint in 2009 in partnership with Haddad, its former chief investment officer, to manage its Newhall Ranch development near Valencia along with Navy base reuse projects in Orange County and the Bay Area. Lennar was the firm?s majority owner at the outset.
FivePoint recently launched Beacon Park, the second project in a 9,500-home development surrounding the Great Park. The 726-home Pavilion Park opened two years ago. FivePoint projects statewide include more than 50,000 housing units and about 20 million square feet of commercial space.
Sterne Agee analyst Jay McCanless wrote that the proposed IPO may be the first step in the eventual monetization of Lennar?s investment in the firm, according to Bloomberg news.
Haddad engineered Lennar?s $649.5 million purchase of the former El Toro Marine base from the Navy in 2005, with a commitment to provide the land and $400 million for development of public portions of the Great Park on former base land.
FivePoint since has reached a deal with the city of Irvine to complete 680 acres of the Great Park.
Contact the writer: jcollins@ocregister.com
July 7, 2015
By JEFF COLLINS / STAFF WRITER
Lennar Corp. spinoff FivePoint Communities may soon become a publicly traded company, the Aliso Viejo firm announced Tuesday.
Formed in 2009 to manage development of the Orange County Great Park and other Lennar mega-projects in north Los Angeles County and San Francisco, FivePoint announced it had filed initial paperwork with the U.S. Securities and Exchange Commission for ?a possible initial public offering of its Class A common stock.?
?The purpose of the proposed offering is to facilitate the combination of the entities that own, and will continue to own, Newhall Ranch, Great Park Neighborhoods and the San Francisco Shipyard and Candlestick Point,? the company statement said.
FivePoint Chief Executive and minority partner Emile Haddad would be the chairman and CEO of the publicly held company.
The number of shares to be offered and initial stock price have yet to be determined, the company said. FivePoint said its SEC filing is confidential.
Lennar formed FivePoint in 2009 in partnership with Haddad, its former chief investment officer, to manage its Newhall Ranch development near Valencia along with Navy base reuse projects in Orange County and the Bay Area. Lennar was the firm?s majority owner at the outset.
FivePoint recently launched Beacon Park, the second project in a 9,500-home development surrounding the Great Park. The 726-home Pavilion Park opened two years ago. FivePoint projects statewide include more than 50,000 housing units and about 20 million square feet of commercial space.
Sterne Agee analyst Jay McCanless wrote that the proposed IPO may be the first step in the eventual monetization of Lennar?s investment in the firm, according to Bloomberg news.
Haddad engineered Lennar?s $649.5 million purchase of the former El Toro Marine base from the Navy in 2005, with a commitment to provide the land and $400 million for development of public portions of the Great Park on former base land.
FivePoint since has reached a deal with the city of Irvine to complete 680 acres of the Great Park.
Contact the writer: jcollins@ocregister.com