Stone Point acquired Rialto Investment and Asset Management from Lennar Corp for $340m.

Stone Point Capital acquired Rialto Investment and Asset Management, a fully integrated real estate investment and asset management company, from Lennar Corp, a home construction and real estate company based in Miami, for $340m. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. Diane Bessette, Chief Financial Officer of Lennar, said, “We are very pleased to announce the successful execution of this transaction, which is a significant component of our strategy of reverting to our pure-play core homebuilding platform. The closing of this deal generates substantial cash flow, which aligns with our previously stated capital and capital allocation strategy.”