Pershing Square owns 7.4% of General Growth Properties

By Lisa Kerner

Charlotte, N.C., Jan. 12 - General Growth Properties, Inc. investor Pershing Square Capital Management, LP reported beneficial ownership of 22,901,194 shares, or 7.4%, of the company's outstanding stock in a schedule 13D/A filed with the Securities and Exchange Commission.

Between Dec. 15 and Jan. 9, Pershing bought and sold shares of General Growth as well as cash equity swaps.

In a November SEC filing, Pershing said it expected to discuss the company's financial condition, strategy, business, assets and capital structure with management, other shareholders or other relevant partners.

In October, General Growth had to address the matter of unsecured loans advanced by a Bucksbaum family trust affiliate to former president and current chief operating officer Robert A. Michaels and terminated chief financial officer Bernard Freibaum. The loans were to repay personal margin debt relating to the Chicago-based real estate investment trust's stock, it was previously reported.

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