Rumors already suggested this, but today it became official - Bill Ackman has been named the Chairman of Howard Hughes Co. General Growth Properties is expected to spin off the Howard Hughes Co upon its emergence from bankruptcy, which is expected in early November. The Howard Hughes Co will consist mostly of hard assets that currently generate little to no cash flow. Some notable examples, include, Summerlin and South Street Seaport. It will be interesting to see how active Ackman will be as Chairman. Given his reputation, it's fair to assume that he will actively pursue value enhancing opportunities. Stay tuned!
Disclosure: Long General Growth Properties (GGP)
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