{"id":47694,"date":"2009-11-24T08:51:00","date_gmt":"2009-11-24T13:51:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/bill-ackman-made-800-on-bankrupt-us-malls-already-2009-11"},"modified":"2009-11-24T08:51:00","modified_gmt":"2009-11-24T13:51:00","slug":"bill-ackman-has-made-an-800-million-killing-on-bankrupt-commercial-real-estate","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/47694","title":{"rendered":"Bill Ackman Has Made An $800 Million Killing On Bankrupt Commercial Real Estate"},"content":{"rendered":"

\"Bill<\/p>\n

While U.S. commercial real estate fears are ubiquitous, some people are making big money from the panic.<\/p>\n

Turns out that Bill Ackman’s Pershing Capital has already made $800 million in paper profits off of its debt and equity positions in the commercial real estate investment trust General Growth Properties<\/a> (GGP).<\/p>\n

Financial Times:<\/a> “It is a classic good-company, bad-balance-sheet operation,” said Jeff Aronson, co-founder of Centerbridge Partners.<\/p>\n

Mr Ackman began accumulating his GGP position in November 2008, said a person familiar with the fund. He spent $50m on stock – priced at under a $1 a share at the time – that is now worth $560m. He invested $100m in unsecured debt now worth $400m. Centerbridge holds $300m in GGP unsecured debt, purchased when it was trading for 30-odd cents on the dollar, a person familiar with the fund said.<\/p>\n

Read more here.<\/a><\/p>\n

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