Thank you for sharing!

Your article was successfully shared with the contacts you provided.

After proposing that Target’s real estate gets folded into a REIT and getting rejected, Pershing Square Capital Management has now turned its sights to General Growth Properties.The website-less fund, managed by William Ackman, has now apparently acquired a 20% interest in the mall owner. In a Bloomberg article, Merrill Lynch analysts say it “is the first sign that any investor has expressed a strong interest in the company or sees significant value beyond the mountain of debt.”We’re certainly not investment experts by any means, but doesn’t it seem kind of funky? Kind of like reaching for straws? Or does it just make sense to buy up shares of a company trading under $1 that has real estate theoretically valued in the many billions?We were recently in Boston, staying near GGP’s Faneuil Hall Market Place, and even though the weather was akin to Antarctica’s, plenty of people were milling about and filling the restaurants on weekday evenings. It’s probably not the most scientific example, but it made us think that this portfolio has to be worth something to someone.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.