Bill Ackman joined forces with a former Pershing Square partner to buy a 9.9% stake in in Alexander & Baldwin, a real estate and transportation company based in Honolulu, Bloomberg reported.
Ackman’s buddy Richard McGuire is a managing partner of Blackstone-seeded Marcato Capital Management.
The pair bought 4.1 million shares valued at $168.8 million.
Alexander & Baldwin owns about 87,840 acres of land on multiple Hawaiian islands, and also provides container ship service between the West Coat, Guam and China.
Ackman is clearly bullish on property; in Q4 he upped his stake in General Growth Properties, a once-bankrupt mall developer he says was the “best bet of [his] life.”
Ackman and McGuire “expect to engage in discussions with management, the board, and other stockholders… concerning the business, assets, capitalisation, financial condition, operations, governance, management, strategy and future plans” of the company, they said in an SEC filing.
Additionally, the pair “may take such actions with respect to their investments… as they deem appropriate.”
Alexander & Baldwin told Bloomberg it “was aware of the filing and looked forward to “constructive” dialog with the investors.”