Brookfield-backed General Growth Properties buys own shares from Pershing
General Growth Properties Inc (NYSE: GGP) has repurchased close to 28 million common shares held by U.S. hedge fund manager Pershing Square Capital Management for a total consideration of approximately US$556 million. As a result, Pershing Square no longer has an investment stake in the company. In 2010, Pershing Square partnered with Brookfield Asset Management and Fairholme Capital Management in the recapitalization of the bankrupt business for US$6.5 billion. Based in Chicago, Illinois, General Growth is an owner, developer, and operator of retail properties in regional shopping malls in the United States. It remains a portfolio company of Brookfield.
11 February 2014•3 mins read
