Lone Pine Capital Discloses 6.6% Stake in CB Richard Ellis (CBG), Shares Soar
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In a 13G filing after the close Thursday, Lone Pine Capital disclosed a 6.6% stake (13,244,686 shares) in CB Richard Ellis Group, Inc. (NYSE: CBG). The firm did not show a stake in CBG at the quarter ended 12/31/07. A 13G indicates a 'passive investment'.
Shares of commercial real estate services CB Richard Ellis have lost nearly 40% of their value over the last year on fears in the of slowing of the commercial real estate market.
Lone Pine Capital is a $9 billion long/short equity hedge fund founded in 1997 by Steve Mandel. Prior to founding Lone Pine Capital, Mandel was senior managing director and consumer analyst at Tiger Management. [LJ]
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