Brief: Five Point - Co, Members Mall Venture Determined Not To Proceed With Project At Co's Candlestick Point Community In San Francisco

Five Point Holdings LLC

20/02/2019 11:14

Feb 20 (Reuters) - Five Point Holdings LLC  FPH.N :
    * FIVE POINT - CO, MEMBERS MALL VENTURE DETERMINED NOT TO
PROCEED
WITH PROJECT AT COMPANY'S CANDLESTICK POINT COMMUNITY IN SAN
FRANCISCO, CALIFORNIA
    * FIVE POINT HOLDINGS LLC - LENNAR AND CASTLELAKE DIRECTLY
AND
INDIRECTLY HOLD APPROXIMATELY 39.5% AND 17.2% OF COMPANY'S
OUTSTANDING VOTING SHARES
    * FIVE POINT HOLDINGS LLC - SAN FRANCISCO VENTURE REPAID
MACERICH
A $65.1 MILLION OBLIGATION RELATED TO A PROMISSORY NOTE IN SAME
PRINCIPAL AMOUNT
    * FIVE POINT - AFFILIATE OF LENNAR AGREED TO CONTRIBUTE $25
MILLION TO SAN FRANCISCO VENTURE FOR ISSUANCE OF 25 MILLION
UNITS OF NEW CLASS OF MEMBERSHIP INTEREST

Source text: [http://bit.ly/2T2Ui42]
Further company coverage:  FPH.N 

 ((Reuters.Briefs@thomsonreuters.com;))