REIT Drops $195M For Bigger Stake In Brazilian Mall Owner

Law360, New York (August 15, 2012, 3:35 PM EDT) -- Chicago-based General Growth Properties Inc. upped its interest in Brazilian mall owner Aliansce Shopping Centers SA with the purchase of a $195.2 million stake from hedge fund Pershing Square Capital Management LP, the buyer announced Wednesday.

A handful of funds affiliated with Pershing, the vehicle of activist investor Bill Ackman, will divest shares representing a combined 14.1 percent of Aliansce, according to a statement from GGP.

The transaction makes the buyer Aliansce's largest shareholder, with nearly 46 percent ownership of the Brazilian firm. GGP is already...
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