Howard Hughes Holdings, The Woodlands-based real estate development and operating company, on Monday sold 9 million new shares to billionaire investor Bill Ackman's Pershing Square. The $900 million transaction,

(Reuters) -Billionaire investor Bill Ackman's Pershing Square Capital Management will buy 9 million newly issued shares of real estate developer Howard Hughes Holdings for $900 million, the companies said on Monday.

Pershing Square agreed to invest $900 million in the company known for master planned communities, Bloomberg reported. Ackman’s firm will acquire 9 million newly issued shares of Howard Hughes for $100 apiece, a 48 percent premium on the stock’s closing price ahead of the weekend.