Ackman's Pershing Square Takes Large Stake in Embattled REIT General Growth Properties (GGP)

November 25, 2008 8:54 AM EST Send to a Friend
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.

Shares of General Growth have been under extreme stress recently on concerns the company may not be able to roll-over or re-work their large amounts of debt. A 96% 3-month slide in the stock is an example of the company's pressures.

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