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SAN DIEGO-Billionaire investor Warren E. Buffet has acquired a nearly 5.1% stake in locally based shopping center company Burnham Pacific Properties Inc., according to a Securities and Exchange Commission filing.

The head of Berkshire Hathaway Inc. disclosed in documents that the 5.06% passive investment in the San Diego-based real estate investment trust is equal to more than 1.6 million common shares.

Details about when the shares were purchased or at what prices were not revealed in the filing. But the revelation had an effect on the company¹s stock price: Burnham Pacific shares closed up 30 cents to $5.23 Wednesday on the New York Stock Exchange.

The company announced last week that it will make a distribution of $1.25 per share to its common stockholders as a result of the liquidation and sale of eight properties to a joint venture led by affiliates of PO’B Montgomery & Co. and Apollo Real Estate Advisors.

The sale of the eight properties will also be used to reduce outstanding debt and pay other obligations.

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