Ackman Sells General Growth Shares to Exit Holding in Mall Owner
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Bill Ackman sold all of his shares in General Growth Properties Inc., the second-largest U.S. shopping-mall owner, marking the end of one of the hedge-fund manager’s most profitable investments.
General Growth bought back about 28 million shares from Ackman’s Pershing Square Capital Management LP for $556 million, the Chicago-based real estate investment trust said yesterday in a statement. The hedge-fund firm, which in September sold 25 million shares for $500 million, no longer holds any common stock, the company said.