Homebuilder Lennar announced it has agreed to sell its Rialto Investment and Asset Management business to Stone Point Capital for $340 million.
Lennar explained in a press release announcing the sale that it will retain Rialto Mortgage Finance and expects to move that business into the homebuilder’s financial services business at the beginning of 2019, according to the company’s press release.
The news of the sale is not surprising. Rumors about Lennar offloading Rialto to Stone Point surfaced in early October.
The homebuilder said that it will also retain its fund investments and carried interests in various Rialto funds, and its investments in other legacy Rialto balance sheet assets.
The deal, announced late Monday, is scheduled to close on Nov. 30, pending required approvals.