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Howard Hughes wraps up common stock offering, private placement

Howard Hughes Corp. closed its public offering of 2,270,900 common shares at a price of $50.00 per share.

The offering included the partial exercise of the underwriters' overallotment option, in which they bought 270,900 additional shares out of a possible 300,000 common shares.

Concurrently, the real estate company sold 10.0 million common shares in a private placement to funds managed by Pershing Square Capital Management LP, including Pershing Square Holdings Ltd., Pershing Square International Ltd. and Pershing Square LP.

Net proceeds from the offering and private placement are estimated to total about $593.7 million, which would be used for general corporate purposes.