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Ackman Builds Stake in GGP

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Bill Ackman's keeping busy. Target may have rejected his ambitious real estate plan. Now Ackman's got a new project--General Growth Properties.

This helps explain why General Growth's stock has started to recover in recent days. After hitting an all-time low of $0.24 per share, the stock has gained ground this week. As I write this, it's up to $1.69 per share.

After the close yesterday, Bill Ackman's Pershing Square Capital hedge fund disclosed a 7.5% stake (20,080,690 shares) in embattled REIT General Growth Properties Inc. (NYSE: GGP).

Pershing Square purchased the subject shares and the swaps, for a total consideration of $9,261,789. Trading data reveled with the filing, showed the firm was buying common stock in the $0.35-$0.51 range in November. Shares of GGP closed at $1.00 yesterday, with a 52-week low recently set at $0.24.

In the filing, the hedge fund noted that they expect to conduct discussions from time to time with management or others about the company.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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