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CHICAGO-Entrepreneur Howard M. Amster has increased his stake in Horizon Group Properties, Inc. to 29.5% of the retail REIT after acquiring 528,118 shares of stock for $5 million from Michael W. Reschke, former chairman of Prime Group Realty Trust. The deal was between Amster and Reschke’s privately-controlled Prime Group, Inc., which relinquished a one-third stake in the office REIT to Vornado Realty Trust and Cadim inc.

Amster more than doubled his holdings in Horizon Group Properties, which 12 factory outlet and power centers totaling 2.5 million sf. He is limited to owning 29.9% of the company, while other shareholders can own no more than 4.9% of the REIT’s outstanding shares.

Horizon Group Properties places a value of $5.16 per share on the transaction, announced late Wednesday night. Shares of the REIT’s stock jumped 10% to $2.75 per share by mid-morning Thursday.

As part of the deal, Reschke resigned from Horizon Group Properties’ board of directors. “He contributed great insight and real estate expertise,” says chairman, president and chief executive officer Gary J. Skoien in a statement.

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