Pershing Square Targets Potential ROE Above 20% in Howard Hughes Shift

Pershing Square management is proposing a shift at Howard Hughes that would direct property sale proceeds to insurance, where potential returns on equity could exceed 20%.

The plan would bring in outside capital by selling 80% to 90% stakes in selected real estate assets. Howard Hughes would invest the proceeds in its insurance operation and reshape its real estate business as an asset manager.

The return on equity figure is a potential target, not an achieved result.