Toll Brothers Announces Gibraltar Capital And Asset Management Venture

(RTTNews) - Toll Brothers Inc. (TOL) announced the creation of a venture with a large institutional investor to provide builders and developers with land banking and joint venture capital. The venture will finance builders' and developers' acquisition and development of land and home sites, and pursue other complementary opportunistic investment strategies. The venture, which will be managed by Gibraltar, will have a total of $400 million of funding commitments: 75% from the institutional investor and 25% from Toll Brothers.

In conjunction with this transaction, the institutional investor and Toll Brothers have formed a separate 75/25 joint venture which acquired most of Gibraltar's wholly-owned portfolio of existing assets. Other investments in which Gibraltar owns a partial interest were not included in these transactions.