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Ackman donates Pershing Square shares to back New York brain institute

The Pershing Square Foundation said the 10 million shares are worth nearly $400m and it has already bought a 400,000-square-foot building on Manhattan’s Upper West Side for the project.

Reported · Written up by our desk · Hedge Funds

Hedge fund billionaire Bill Ackman and Neri Oxman are donating 10 million shares in Pershing Square to support the creation of a new brain research and rehabilitation centre in New York, according to a report from Bloomberg cited by Hedgeweek.

The shares are held through the Pershing Square Foundation and were worth almost $400m based on Pershing Square’s closing price on Wednesday. The foundation has acquired a 400,000-square-foot building on Manhattan’s Upper West Side and is under contract to purchase an additional 130,000-square-foot property nearby, along with an adjoining vacant lot and related air rights.

The planned facility, called the Ackman Oxman Institute, is expected to focus on brain research, rehabilitation and recovery, and work related to human performance and longevity. Ackman said the institute is expected to collaborate with Mount Sinai and other hospitals and medical schools.

Ackman also said he and Oxman intend to make another donation of a comparable or potentially larger value, though the additional contribution would not be made in Pershing Square shares.

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