National Post

ONTARIO TEACHERS’ CASHES OUT FROM U.S. MALL OWNER

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The largest shareholde­r in mall owner Macerich Co. sold its entire holding for nearly us$500 million when the stock soared after being touted on reddit. Ontario Teachers’ Pension Plan sold 24.56 million shares Wednesday at an average price of us$20.25 a share, according to details in an amended 13d. The fund had owned 16.4 per cent of the company, according to Bloomberg data.

Macerich, a real estate investment trust in Santa Monica, Calif., has been struggling and was battered by a pandemic that forced malls to shut down. The stock lost 84 per cent of its value over a three-year period ending dec. 31, 2020. Shares jumped 68 per cent in four trading sessions and reached about us$26 at one point Wednesday on frenetic volume — allowing Ontario Teachers to get out.

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