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General Growth Returns Not Enough for Ackman Requirements

Bill Ackman, the activist hedge-fund manager, said he sold his firm’s General Growth Properties Inc. shares because the expected returns on the investment after management fees wouldn’t be high enough for his investors.

“There’s still meaningful upside in General Growth,” Ackman said yesterday at the Harbor Investment Conference in New York. “I do view this as a teens compounded return over the next four or five years, so I think that’s actually a good investment.”