Pershing Square Increases Its Stake In General Growth Properties (GGP)
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In an amended 13D filing, Bill Ackman increased his holdings in General Growth Properties (NYSE: GGP).
On December 5th, 2008, Pershing Square owned 20,080,690 shares or 7.5% of General Growth Properties. As of January 9th, 2009, Ackman's Pershing Square now owns 22,901,194 shares or 7.4% of GGP.
Pershing purchased 2.82 million shares or $4,822,035 worth of General Growth Properties shares.
Although the 13D reflects additional purchases of GGP shares, Pershing Square's total beneficial ownership percentage has decreased due to the dilutive effects arising from the conversion of 42,350,000 common partnership units held in the Issuer's operating partnership into 42,350,000 Common Shares, as announced by the Issuer on January 5, 2009.
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General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate investment trust (REIT).
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