Real estate firm Howard Hughes to sell $2 billion in non-core assets
- Dan Primack, author of Axios Pro Rata
Bill Ackman in 2017. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images
Howard Hughes, a real estate development firm with a market cap of $5.5 billion, said it will sell around $2 billion of non-core assets following a strategic review that also resulted in a CEO change and planned headquarters move from Dallas to Houston.
Why it matters: There had been widespread expectation that the Bill Ackman-chaired company would seek a buyer for the entire company, possibly as a take-private.
The bottom line: "Ackman’s Pershing Square Capital Management is one of the largest holders in Howard Hughes, which was spun out of mall owner General Growth Properties in 2010. The company’s portfolio of 59 properties has retail, office, multifamily and hotel assets throughout the U.S., [and] is known for its six master-planned communities, including Summerlin in Las Vegas, via Bloomberg.